AAR takes a swing at BP with a divi freeze July 30, 2012 BP’S oligarch co-owners in TNK-BP blocked a $1bn (£634m) dividend from the Russian oil business yesterday, signalling a new low for a troubled relationship that is heading for divorce. The decision by the AAR consortium, grouping tycoons Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, comes after the British oil firm put its 50 [...]
Russian co-owners vote against TNK-BP $1bn payout July 30, 2012 The directors of a consortium of billionaires who co-own TNK-BP have voted against a proposal for the company to pay $1bn (£637 m) in 2012 dividends, putting pressure on BP to resolve conflict and ownership issues at the Anglo-Russian oil venture. British oil major BP and its oligarch partners jointly own the TNK-BP venture but [...]
Billionaires seek sale of TNK-BP July 16, 2012 The billionaire co-owners of Anglo-Russian oil venture TNK-BP would be willing to sell their stake to British oil major BP for cash and stock to put an end to a bitter shareholder conflict. That was the position presented by Mikhail Fridman, one of the quartet of investors who own half of Russia’s third-largest oil company [...]
Rosneft and BP in talks over TNK-BP stake July 24, 2012 Russian state oil company Rosneft said on Tuesday that it had expressed its interest in buying BP’s stake in Anglo-Russian oil firm TNK-BP and would enter talks with the British corporate. “The parties agreed to commence negotiations on this matter and signed a non-disclosure agreement,” Rosneft said in a statement. BP announced on 1 June [...]
Key BP papers may come out June 6, 2012 A CONFIDENTIAL document at the heart of BP’s disputes with its partners in Russian oil company TNK-BP may become public under legal amendments agreed by Russia’s competition watchdog, its deputy director said yesterday. BP and the AAR consortium of four Soviet-born tycoons, who share control of the Russian oil producer, have traded accusations of breaching [...]
Shell seals $4bn Bashneft deal November 6, 2012 Royal Dutch Shell has sealed a two-year deal worth up to £2.5bn to supply oil to mid-sized Russian refiner and retailer Bashneft, the Russian firm said yesterday, extending an existing agreement between the two sides. The deal, worth 122.4bn roubles (£2.5bn), is signed until 25 November 2014, while the previous agreement expires this month, Bashneft [...]
BP to sell two stakes in North Sea for £179m June 26, 2012 BP said yesterday it had agreed to sell its minority stakes in two North Sea fields to Japanese trading company Mitsui for $280m (£179m), as part of a plan to focus its portfolio in the region on larger scale projects. The oil major announced that Mitsui would buy a 13.3 per cent stake in the [...]
BP sells TNK-BP stake to Rosneft October 22, 2012 BP this afternoon agreed to offload its 50 per cent stake in TNK-BP to Russian state-owned oil firm Rosneft for $12.3bn in cash and an 18.5 per cent shareholding. Rosneft will pay $17.1bn in cash and shares representing 12.84 per cent to BP, but the British oil major will also acquire a further 5.66 per [...]
BP and AAR declare peace November 13, 2012 BP and former partner AAR said yesterday they have agreed to settle their differences over Russian joint venture TNK-BP. It is understood that AAR, run by four Russian billionaires, and BP have settled all disputes, including arbitration, in exchange for what is thought to be a $325m (£205m) payoff by the British oil major. Both [...]
BP eyes share buyback after Gulf settlement November 18, 2012 OIL giant BP hopes to use some of its Russian windfall to pay for a multi-billion pound share buyback next year. The FTSE 100-listed firm is thought to be looking at plans to snap up shares worth at least £2.5bn to make sure its investors do not lose out in the wake of its cash [...]