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BP started the next stage in the TNK-BP sale process, required under the shareholder agreement, regarding the potential sale of its shareholding in the Russian company in which it has a 50% stake with a group of wealthy Russian investors.
This follows the decision of Alfa Access-Renova to exercise its right to enter a period of negotiation to purchase part or all of BP’s share in TNK-BP. As a result, BP will enter a 90-day period of “good faith” negotiations with Alfa Access-Renova as required by the shareholder agreement.
BP is also able to and will enter negotiations with other interested parties in parallel for the sale of its share in TNK-BP.
There can be no guarantee that any transaction will take place.