BP and Rosneft announces the sale of TNK-BP
Tuesday, Feb 05, 2013
Research and Markets (http://www.researchandmarkets.com/research/pbvv5k/bp_and_rosneft) has announced the addition of the "BP and Rosneft: The Sale of TNK-BP" report to their offering.
“BP and Rosneft: The Sale of TNK-BP”
BP has been actively involved in the Russian energy market via its joint venture TNK-BP since 2003. The company sold its 50% stake to Rosneft in exchange for $17.1bn and 12.84% equity in the buyer. Additionally, BP plans to use the cash to buy a further 5.7% in Rosneft, bringing BP's stake to 19.75%. Rosneft has also bid for the Alfa-Access-Renova consortium's stake in TNK-BP, offering $28bn.
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TNK-BP was created in 2003, when BP and AAR merged their oil assets in Russia and Ukraine, with a 50% share each. The initial investment cost BP approximately $8bn. Since then, TNK-BP has paid out $19bn in dividends, worth approximately $2bn a year to BP. Furthermore, TNK provided 27% of BP's reserves and 29% of BP's production in 2011.
The Russian oil and gas market accounted for 25.6% of the European market's value in 2011, worth $208.9bn.
Source: Business Wire
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