BP Announces Plans to Sell Stake in TNK-BP - BBC
01 June, 2012
BP Announces Plans to Sell Stake in TNK-BP - BBC

BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture - BBC reports.
In a short statement the oil company said it had received "unsolicited indications of interest" in acquiring its shares.
BP has informed the other shareholder in TNK-BP, Alfa Access Renova, that it plans to pursue a sale.
It warned that there was no guarantee that such a transaction would take place.
Earlier in the week, Mr Fridman announced he would be stepping down as TNK-BP's chief executive in 30 days "for personal reasons".
TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires that includes Mr Fridman.
Relations between the shareholders have been particularly strained since BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge.
BP shares opened more than 4% higher in London.

Thursday, Mr Fridman warned that one of the two partners needed to take full control of TNK-BP and that the joint venture would be paralysed until it did so.
"I would put it this way: this competition between us has stopped corresponding to the parties' interests. Either AAR or BP must ultimately have control over the company," he told the Kommersant business daily.
BBC editor says there are two characteristics of BP's Russian joint venture: "It has generated many billions of dollars of dividends for the company; and it has been a total nightmare to manage, largely because of years of appalling relations between BP and its billionaire oligarch partners."
TNK-BP is Russia's third largest oil producer.
It was formed in 2003 when BP merged its Russian oil and gas assets with those of AAR.
The joint venture also has operations in Ukraine, Brazil, Venezuela and Vietnam.