BP Could Net $30B In Sale Of Russian Oil Stake

Law360, New York (June 1, 2012, 2:37 PM EDT) -- BP PLC put its 50 percent stake in a massive Russian oil venture up for sale Friday, a move that could net up to $30 billion, slash BP's total production by a third and end what has long been an uneasy marriage with its Russian partners.

BP said it had received unsolicited offers of interest in TNK-BP and would consider a sale. It did not name any specific bidders.

TNK-BP is Russia's third-biggest energy driller, behind state-backed Rosneft NK OAO and Gazprom OAO. It is equally...
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