MOSCOW, Sept 20 BP is in talks with
Rosneft that may result in the British oil major
acquiring at least 12.5 percent of the Russian state oil firm,
the Kommersant financial daily reported on Thursday, citing
sources close to the two companies.
BP's acquisition of Rosneft shares would take place as part
of a deal under discussion to sell BP's 50 percent stake in
Anglo-Russian oil venture TNK-BP, Russia's No.3 oil
Rosneft is looking at buying 25 percent of TNK-BP's shares
for $10-$15 billion in cash, with another 25 percent to be
acquired with Rosneft shares, Kommersant wrote.
It also reported that Rosneft planned to use treasury shares
representing 9.53 percent of its equity, as well as shares
acquired in a recent buy-back, worth just over 3 percent of its
Rosneft declined immediate comment on the Kommersant report.
Bankers told Reuters on Wednesday that Rosneft is talking to
foreign banks about raising $15 billion in debt financing. A
further $5 billion could be raised from Russian banks, one
banker also said.
The details published in Kommersant follow a meeting on
Tuesday between President Vladimir Putin, Rosneft CEO Igor
Sechin, BP's Chief Executive Robert Dudley and Chairman
Sources close to both companies said on Wednesday that talks
were progressing but played down expectations of an imminent
The co-owners of TNK-BP, a quartet of Soviet-born tycoons
represented by the AAR consortium, have also expressed interest
in buying 25 percent of the company from BP for $10 billion, but
talks have stalled, sources familiar with the matter say.
Under a shareholders agreement, third parties may not strike
a deal to buy BP's stake in TNK-BP before a mid-October deadline