The sell of BP's (NYSE:BP) assets to TNK-BP has hit a barrier, as the state-run oil and gas business of Vietnam, PetroVietnam, has evidently said they want to acquire BP's assets rather than allow them to be sold to TNK-BP, which is a joint venture between BP and a group of wealthy Russian businessman.
Talks are now underway between BP and TNK-BP and Vietnamese government officials and senior executives at PetroVietnam over the proposed blocking of the deal.
CEO of the Russian consortium holding half of TNK-BP, Stan Polovets, said this: "We believe that TNK-BP's acquisition of BP's assets in Vietnam will provide an excellent platform for a mutually beneficial partnership involving operations in both of our countries. It's in the interest of both companies and countries for this deal to go through."
Polovets is optimistic the deal will be allowed to go through.
It isn't unusual for what are called preemption clauses to be included in deals with state-owned companies like PetroVietnam, according to a BP spokesman.
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