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.
Showing posts with label TNK. Show all posts
Showing posts with label TNK. Show all posts
Friday, October 22, 2010
Wednesday, June 23, 2010
Russia Presses Britain on BP (NYSE:BP)
Concerned over the fallout of the BP (NYSE:BP) disaster on the Russian economy, Russian President Dmitry Medvedev seeks to get guarantees from Prime Minister David Cameron concerning the matter.
Russia accounts for 25 percent of the global oil produced by BP, and worries over the company's ability to continue working in Russia in face of the billions in liabilities they face has them pushing for some assurances from the British leader.
Primarily Russia wants to know if BP has plans on cutting back on its oil production, as uncertainty over its ability to fund operations is in the back of their minds.
Some of the asset sales of BP will be Russia-based properties, which they have hopes of raising $10 billion in order to restructure the company so they can successfully pay for the cleanup operations in the Gulf and survive as a company.
One Russian asset BP is sure to keep for the long term will be its joint venture with the privately held TNK consortium, which accounts for 10 percent of BP's profits.
With anger over the oil spill probably lasting for years in the U.S., BP is positioning itself to diversify away from the U.S. market as one of its long-term strategies.
The Russian Ambassador to the UK, said, We want to see how it will work and how this situation will affect the overall strategy of BP and how it may affect these joint ventures in Russia. We want to have some guarantees it will continue to work."
Russia accounts for 25 percent of the global oil produced by BP, and worries over the company's ability to continue working in Russia in face of the billions in liabilities they face has them pushing for some assurances from the British leader.
Primarily Russia wants to know if BP has plans on cutting back on its oil production, as uncertainty over its ability to fund operations is in the back of their minds.
Some of the asset sales of BP will be Russia-based properties, which they have hopes of raising $10 billion in order to restructure the company so they can successfully pay for the cleanup operations in the Gulf and survive as a company.
One Russian asset BP is sure to keep for the long term will be its joint venture with the privately held TNK consortium, which accounts for 10 percent of BP's profits.
With anger over the oil spill probably lasting for years in the U.S., BP is positioning itself to diversify away from the U.S. market as one of its long-term strategies.
The Russian Ambassador to the UK, said, We want to see how it will work and how this situation will affect the overall strategy of BP and how it may affect these joint ventures in Russia. We want to have some guarantees it will continue to work."
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