BP to Sell Stake in Russian Joint Venture

BP has announced that it will try to sell its stake in the TNK-BP Russian oil joint venture. In a short statement, the oil company said it had received "unsolicited indications of interest" in acquiring its shares. BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale. It warned that there was no guarantee that such a transaction would take place. Earlier in the week, Mikhail Fridman, TNK-BP's chief executive, announced he would be stepping down in 30 days "for personal reasons". TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires that includes Mr Fridman. Relations between the shareholders have been particularly strained since BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge.

http://www.bbc.co.uk/news/business-18292483
http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7075084 (document)