BP Holdings MOSCOW - Board OF BP has an offer from the Russian state oil company, Rosneft, approved for the majority of the cases of BP in Russia for cash and shares in Rosneft to buy further consoliderene control of its oil industry of Russia, a director with knowledge of the decision zeggene
Under the terms of the agreement, BP in Russia, but remain - first at least - when only a minority investor in an oil company by the government of President Vladimir V. Putin gecontroleer. Later BP hopes this new strategic relationship with the Kremlin to use other things to recruit. BP had telegraphed his willingness to conclude an agreement for a while and Rosneft formally put an offer on Thursday for the 50 percent of a joint venture between BP to buy here called TNK-BP.
The authorization of the Board was the director, Robert W. Dudley from BP, to the final deadlines for the sale of its Russian assets of BP within a range of acceptable combinations of cash and shares, the Director shall notify the decision to negotiate zeggene.
The ranges were $ 10 billion to $ 14 billion and 15 to 20 percent of the shares of Rosneft. BP is probably at least one seat on the board to receive.
A formal announcement is expected as early as Monday. The proportion OF BP rose about 4 percent last week when it became clear that an agreement was imminent.
For BP, the sale as the biggest step yet in Mr. Dudley the "shrink to grow" strategy in the wake of the 2010 Gulf of Mexico oil spill.
Mr. Dudley, a Mississippian, rose in the middle of that disaster and BP decided that, to survive, its global business on a new aid by selling older, less profitable fields should be set up and would need to focus on exploration.
BP sold assets in countries from Venezuela to Vietnam. The Russian possessions were the largest category that fits for potential sales, which mainly includes aging oil fields in Siberia with little potential for new output.
Still, they constitute approximately 25 percent of the overall production of BP or approximately as much oil in the United States, as BP pumps, including Alaska. For the Russian industry, the acquisition of the shares of BP in TNK-BP a large part of the industry full circle back to ownership to explain. The Director of Rosneft, Igor I. Sechin, a former military intelligence officer and close aide to Mr. Putin, is a supporter of mightier state ownership in the oil industry.
TNK-BP is the third-largest Russian oil company, Rosneft if both BP and the handful of Russian billionaires opkoooppt that the other half of TNK-BP monitor, Rosneft, the largest publicly traded oil company in the world, with production of about 4, 5,000,000 to tear a day.
"We have this remarkable strengthening of the influence of Rosneft and Sechin personally seen," John More, a former TNK-BP employee has a Russia specialist at Chatham House, a British research organization, said in an interview.