• 1 hour Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 3 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 hours VW Fails To Secure Critical Commodity For EVs
  • 6 hours Enbridge Pipeline Expansion Finally Approved
  • 7 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 8 hours OPEC Oil Deal Compliance Falls To 86%
  • 23 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Draw In Crude Inventories Lifts Oil Prices

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Kobe Steel Scandal Could Rattle Nuclear Industry

Kobe Steel Scandal Could Rattle Nuclear Industry

The scandal at Japan’s Kobe…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Rosneft Close to Announcing Decision on TNK-BP Takeover

TNK-BP is a joint venture company between BP and a group of Russian billionaire oligarchs, known as AAR, after the three business groups that make up the consortium: Alfa Group, Access Industries and Renova Group. The company has been very profitable for all parties involved, yet it has also been subject to lots of infighting which has led BP to look for an exit, or new partners, for years.

In July, BP announced that it had started talks with Rosneft, the Russian state owned oil company, to sell its half of TNK-BP for an estimated $30 billion.

Rosneft has made no secret of that fact that it wants to expand its oil and gas empire in Russia.

Now the AAR has also opened talks with Rosneft for the sale of their $28 billion stake in TNK-BP.

This has worked out very well for BP, because no matter whom Rosneft does a deal with BP will get out of its partnership with the AAR and form a stronger bond with Rosneft.

It is unknown whether Rosneft wants to buy the cheaper half of TNK-BP or in fact all of it, although an investment banker with knowledge of the deals doesn’t believe that Rosneft has enough money to buy out both partners, leaving the option to offer its own shares as payment.

An announcement is expected to be made by Rosneft today.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News