Strategically, BP may eventually exit TNK-BP’s joint venture via Rosneft

 

By Michael Carstens-lim /

Greenpeace Close BP Petrol Stations In Oil Spill ProtestsRosneft continues to look at various options for buying stakes in TNK-BP. The deal, if it goes ahead, is BP’s second attempt at tying up with Rosneft. It would also allow BP to exit from its troubled joint venture with AAR.

After BP and AAR, joint shareholders in TNK-BP have reached a comprehensive agreement to settle all outstanding disputes between them, including their current arbitrations against each other.

The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing each party to explore new opportunities and partnerships in Russia and the Ukraine, effective immediately.

In June 2012, British oil major BP announced that it would quit TNK-BP, but said later that it is not giving up on Russia.  Relations with BP’s Russian partners in TNK-BP, the Alfa Access Renova (AAR) consortium, made up with Mikhail Fridman and some of Russia’s other richest private businessmen, went sour last year when BP did a deal to jointly exploit Russia’s rich Arctic territories with Rosneft (a leader of Russia’s petroleum industry). That deal collapsed after AAR bought legal action against BP, insisting AAR should have been invited to participate.

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