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May 27, 2017

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Rosneft lodges bid for BP stake in TNK-BP: sources

LONDON/MOSCOW -- State oil company Rosneft tightened its grip on the Russian oil industry on Thursday, lodging a cash and shares bid for British oil company BP's 50-percent stake in the country's third-largest oil producer, TNK-BP.

Sources familiar with the actions of BP, Rosneft, their advisers and financiers said a bid had been submitted to BP that valued the whole of TNK-BP at over US$50 billion. Rosneft has already made an offer to BP's partners in the venture.

"BP is reviewing options (with regard to the offer)," said one source.

The sources in London, Moscow and elsewhere have painted a picture of a potential three-way deal that could emerge over the coming weeks, with some details set to be hammered out during a visit by Rosneft CEO Igor Sechin this week.

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