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BP plans to sell stake in TNK-BP

  • BP has announced it will try to sell its stake in the TNK-BP Russian oil joint venture.

    BP has informed Alfa Access Renova, the other shareholder in TNK-BP, that it plans to pursue a sale.

    TNK-BP was formed in 2003 between BP and Alfa-Access-Renova (AAR), a group comprised of Russian billionaires. TNK-BP is Russia's third largest oil producer.

    However, relations between shareholders have been strained after BP was forced to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge.