BP PLC (BP) doesn't want to buy the Russian shareholders' stock in TNK-BP Holding (TNBP.RS) and then have to resell it at a lower price to a Russian state concern, people familiar with the British company's thinking said this week.
The risk is a key factor in the current crisis between the two sides, which each own 50% in the Russian oil and gas joint-venture.
The Russian shareholders consortium Alfa-Access-Renova, or AAR, had discussed the possibility of selling their stake to the British giant, possibly against stock.
But a person familiar with BP said it had refused to buy it outright unless it already has a buyer for the Russian stake and has government approval.
If BP doesn't know at what price it will resell the Russian share, the risks associated with the negotiations with the buyer, likely state companies Rosneft (ROSN.RS) or Gazprom (GAZP.RS), will be passed on to the British company, one person said. BP could be forced to "buy high (from AAR), sell low" to Gazprom or Rosneft, the person added.
AAR and BP have clashed repeatedly in recent weeks on issues of strategy, management and international development.