Gazprom In Talks To Gain Control Over TNK-BP

MOSCOW, April 4, 2008 (Dow Jones Newswires)

Russia's OAO Gazprom is in talks with TNK-BP, half owned by U.K. oil major BP PLC, to gain a 51% stake in the joint venture, the RBK Daily said Friday, citing two unnamed sources.

On Thursday, Gazprom's Chief Executive Alexey Miller met with BP Chief Executive Tony Hayward and Viktor Vekselberg, one of the three Russian shareholders, to talks about a pre-announced deal over TNK-BP's Kovykta gas field, Gazprom stated in a press release.

However, RBK Daily reported that Gazprom seeks to buy a 1% stake in the joint venture from BP, while at the same time buying out TNK-BP's three Russian shareholders, which would give the state monopoly a controlling part in TNK-BP.

The sources also stated that a deal is unlikely to take place until after President-elect Dmitry Medvedev's inauguration May 7, RBK Daily reported.

Speculation about a sale of a half-part in TNK-BP has been going on for two years, but so far the company's shareholders have denied any talks.

MOSCOW, April 4, 2008 (Dow Jones Newswires)


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