TNK-BP ownership won't change after 2008

Jun 18, 2007 02:00 AM

The ownership structure of Russian oil major TNK-BP will remain the same after 2008, BP Chief Executive Tony Hayward said at an investment conference.
He said the current ownership structure, in which BP and Russian shareholders own 50 % in the company each, was successful. The Russian shareholders of TNK-BP include Alfa Group and Access/Renova.

Earlier some media reports suggested Russian natural gas monopoly Gazprom could buy the 50 % stake in TNK-BP from Alfa Group and Access/Renova. Under an agreement between BP, Alfa Group and Access/Renova, TNK-BP's ownership structure cannot be changed before the end of this year.
The Russian authorities are currently seeking to revoke the license for the Kovykta field in Russia's Irkutsk Region from TNK-BP's subsidiary, Rusia Petroleum.

Source / Dow Jones & Company
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