The billionaire quartet that owns half of BP’s beleaguered TNK-BP joint venture in Russia has agreed to sell its stake to state-owned oil giant Rosneft for about $28 billion (£17.3 billion).
AAR, the consortium of four oligarchs led by Viktor Vekselberg, is understood to have agreed an “outline” deal with Rosneft, although sources cautioned that the terms had not been finalised and the transaction could still fall through. The deal would increase the chance of Rosneft owning the whole of TNK-BP, since BP is also in the process of selling its stake in the venture as it seeks to end years of acrimony with AAR over its management.
BP and AAR’s fraught nine-year relationship has included court cases and harassment claims by Bob Dudley, then the head of TNK-BP and now BP’s chief executive.
It is understood any deal between AAR and Rosneft would not affect BP’s plan to sell its stake in TNK-BP. Sources said it is still possible AAR could hold on to its existing stake in TNK-BP and submit an offer for the BP stake by tomorrow. This would give it full control of the joint venture.
