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.