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Apr. 24, 2008
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Co-Owners of TNK-BP Denied the Sale of Stake to Gazprom
Russia’s co-owners of 50 percent in TNK-BP represented by the AAR consortium of Alfa Group, Access Industries and Renova have denied rumors about the sale of their stake to Gazprom.
“The speculation and rumors about AAR’s plans to sell the stake in TNK-BP are unreasonable and don’t correspond to reality,” the consortium announced in a statement.

“AAR consortium is a long-term strategic investor in TNK-BP. It doesn’t intend to withdraw from the stock capital of the company and has never been and is currently in no talks about the sale of its stake in TNK-BP, which is an example of one of the most successful companies of energy sector,” the statement says.

Vedomosti newspaper wrote Thursday about Gazprom’s plans to consolidate the majority ownership in TNK-BP by the end of this year, specifying that the deal budget may reach $20 billion.

Britain’s BP owns 50 percent in TNK-BP, while the remainder belongs to Russia’s holders (Alfa Group holds 25 percent, Viktor Vekselberg’s Renova and Access Industries of Leonid Blavatnik have 12.5 percent each). The holders’ moratorium on selling their stakes expired January 1. The company posted crude oil production of over 70 million tons in 2007.
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