News In Brief: BP Ready To Kick Off Sale Of TNK-BP Stake

News: UK major BP will open all bids for its 50% stake in Anglo-Russian joint venture (JV) TNK-BP in the week ending October 20 2012. Russia's state oil company Rosneft is considered the frontrunner to acquire the stake in the lucrative joint venture. BP, which acquired its TNK-BP stake for US$7bn in 2003, has already recorded profits to the tune of US$7bn. BP is expected to net a further US$25bn by divesting its stake in TNK-BP.

This article is tagged to:
Sector: Oil & Gas
Geography: United Kingdom, Russia

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