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BP may sell stake in TNK-BP joint venture to raise funds
British oil giant BP may sell some or all of its 50 percent stake in the Russian-British joint venture TNK-BP to raise funds after April’s oil spill in the Gulf of Mexico
Russia's Gazprom or Rosneft are the most likely buyers if the company decides to sell
The April 22 blast at an oil rig in the Gulf of Mexico killed 11 people and caused the worst oil spill in U.S. history. BP has so far spent some $7 billion on the clean-up operation.
TNK-BP, set up in 2003, is one of the 10 largest private oil companies in the world, ranking third in Russia by oil production. The company's producing assets are located in Western and Eastern Siberia as well as the Urals region. TNK-BP owns five oil refineries in Russia and Ukraine and 1,400 filling stations.
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