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34

TNK-BP Unit To Be Acquired By China or India

Udmurtneft produces 120,000 barrels per day and has reserves equivalent to around 1 billion barrels

Russia?s state-run firm Sibneft and private oil company Russneft have decided not to bid for Russian oil major TNK-BP's subsidiary Udmurtneft.

Thus the only bidders for TNK-BP unit are China?s Sinopec and a joint venture between India?s ONGC and Russian gas producer Itera.

Udmurtneft produces 120,000 barrels per day and has reserves equivalent to around 1 billion barrels, but its fields are located far from TNK-BP?s core Siberian fields.

Some sources have said the asset carries an estimated value of around $2-$3 billion and a source close to the situation said that both Sibneft and Russneft, which has already bought several assets from TNK-BP, have decided the price is too high.