MOSCOW - Russian state-controlled oil company Rosneft has signalled its interest in acquiring BP's share in its Russian joint venture TNK-BP.
Rosneft said in a statement Tuesday morning that it has informed BP of its interest in acquiring its stake in the firm.
TNK-BP, Russia's third-largest oil producer, is owned on a 50-50 basis by BP and AAR, a consortium of Russian billionaire shareholders. AAR last week indicated interest in buying out BP. A 50 per cent stake in TNK-BP could be worth about $18 billion, according to the company's market valuation.
Although mired in boardroom disputes for much of its existence, TNK-BP has generated healthy returns both for the British oil giant and the Russians. Over the past years, TNK-BP's output has accounted for more than a quarter of BP's total global production.