TNK-BP may take part in BP-Rosneft Arctic deal-AAR

MOSCOW, Jan 17 (Reuters) - The deal between Rosneft ROSN.MM and BP BP.L to develop Arctic oil and gas could be done by the British major's Russian JV, TNK-BP TNBPI.RTS, an official for the JV's Russian shareholders said on Monday.

TNK-BP is a 50-50 join venture between BP and AAR, the vehicle of four Russia-connected oligarchs.

On Friday, BP and Russia’s state-controlled Rosneft agreed to start a joint exploration for offshore oil and gas in a deal that gives the UK company access to areas of the Arctic, previously reserved for Russian oil companies. [ID:nN1458487]

“BP and AAR have a shareholders’ agreement, and it stipulates that all new projects in Russia and Ukraine, which are initiated by BP and AAR, should be executed via TNK-BP,” Stan Polovets, the AAR chairman told Reuters.

“So it is not excluded that the deal, which was announced, will be given over to TNK-BP if TNK-BP deems it interesting.”

He also said that TNK-BP’s board of directors will discuss the Arctic deal “soon”.

“TNK-BP’s board is yet to discuss the Arctic development issue. We expect BP to provide us with the necessary information on the deal within next few days,” he said.


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