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27

TNK-BP Sells Assets To Russneft

Russian Anti-Monopoly Service had already approved an application from the fast-growing Russian oil firm Russneft

Russian-British oil major TNK-BP plans to sell its Saratovneftegaz production unit, Orsk refinery and 50 gas stations, CEO Robert Dudley said on Monday.

?The board of directors has encouraged the management to move ahead with the asset sale but the details of the sale and the buyers have yet to be finalized,? he told reporters on launching an upgrade ceremony of TNK-BP?s refinery in Ryazan.

?But it does not necessarily mean this will be the end in the long term".

The firm has not said who might buy the assets, but press reports said last week that Russia?s Anti-Monopoly Service had already approved an application from the fast-growing Russian oil firm Russneft to buy the Saratov unit. It had also received applications from potential buyers including Austria?s OMV , London-listed Urals Energy and China?s Sinopec . The asset sales follow a year of restructuring at TNK-BP, which has consolidated more than 600 legal entities into one share which first began trading last week.

TNK-BP said on Monday it had completed the second stage of consolidating subsidiary companies and its free float of traded shares now represented 5 percent of the company?s equity.