Russian oil major TNK-BP Ltd.--jointly owned by BP PLC (BP) and a group of Russian businessmen--said Wednesday it would be interested in buying assets from its U.K. shareholder as a platform for international expansion.
Russian oil major TNK-BP Ltd.--jointly owned by BP PLC (BP) and a group
of Russian businessmen--said Wednesday it would be interested in buying assets
from its
U.K.
shareholder as a platform for international expansion.
As BP faces escalating costs from a
Gulf of Mexico
oil
spill, the company has discussed selling some assets to its Russian joint
venture, Maxim Barsky, deputy chief executive of the Russian oil producer said
Wednesday.
BP plans to sell off $10 billion of non-core exploration and production assets
this year to provide a cushion against future liabilities from the
Gulf
of Mexico
spill.
Chief Executive Tony Hayward met BP's Russian partners in TNK-BP during his
visit to
Moscow
earlier this week.
"(Acquisitions) have been discussed with BP, but they haven't put anything
up for sale, as far as we know," said Barsky.
BP has lost about half of its market value since the Deepwater Horizon drilling
rig exploded in the
Gulf of Mexico
in late April, unleashing
what could prove to be the worst offshore oil spill in
U.S.
history.
While the cost of the accident could prove bigger than expected, analysts have
speculated BP may be forced to sell off some assets and may even be subject to
a takeover attempt.
The Russian oil major--created in 2003 by the merger of BP's Russian and
Ukrainian assets, and those of several Russian conglomerates including Alfa
Group--is eyeing BP downstream assets in Europe, offshore assets, as well as
assets in areas, where Russia has strong political connections, Barsky said.
BP is mulling several options for asset sales, including its 60% stake in
Argentine oil and gas producer Pan American Energy, and assets in
Colombia
and
Venezuela
, the
Wall Street Journal reported last week.
BP declined to comment, but said it hasn't identified assets to sell yet.
TNK-BP accounts for around 25% of the
U.K.
oil
producer's total output. CEO Hayward reassured Russian partners and officials
earlier this week in
Moscow
that
BP has no intention of divesting its Russian assets.
BP also holds a stake in state-controlled OAO Rosneft (ROSN.RS),
Russia
's
biggest oil producer.
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