A report that BP’s local partners in Russian oil company TNK-BP are in talks to sell their stake to Rosneft or the government has been denied.
Responding to the report in business daily Vedomosti, the president of state-controlled Rosneft said they are not in talks to buy the Russian shareholders’ part of the business or the whole company.
Rosneft reached a share swap and Arctic exploration deal last month with BP.
A source close to the TNK-BP board said the Vedomosti report was total nonsense, adding: “As the company has said, we are just looking to use the business opportunities presented in this (BP-Rosneft) deal.”
A state industry source said the Vedomosti report could reflect an initial negotiating position by the consortium of three investor groups in TNK-BP which are owned by Russian and Ukrainian-born billionaire oligarchs.
On Friday, Rosneft reported a 63 percent rise in 2010 net profit and a 50 percent rise in free cash flow.