'Russian state bidder' in TNK-BP frame

Chief Executive of Russian oil producer TNK-BP Robert Dudley reacts during a conference in St Petersburg, June 8, 2008. Dudley said on Saturday he hoped that a conflict between BP and the Russian shareholders would be resolved

On the way out: BP chief executive Bob Dudley, who claims he was earlier hounded out of Russia as TNK-BP boss, now appears to have given up on the joint venture

SERGEI KARPUKHIN

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News Wires

 01 June 2012 13:44 GMT

A Russian state company is reported to have made a bid for BP’s 50% share of the TNK-BP joint venture in a move that would strengthen the Kremlin’s grip on the key oil sector.

The UK supermajor said earlier on Friday it was pursuing a sale of its half share in the turbulent venture after receiving “unsolicited approaches”, and one source close to the matter told Reuters a Russian state oil and gas company was in the mix.

Analysts and bankers pointed to state oil giant Rosneft, or its holding company Rosneftegaz, as potential candidates to buy the stake, which is believed to be worth in the region of $30 billion.

“We believe that the eventual buyer will have to be Russia - a 2 million barrels-per-day…

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