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BP Begins Next Stage In TNK-BP Sale Process Due to AAR Request

BP announced today that it is beginning the next stage in the process, required under the TNK-BP shareholder agreement, regarding the potential sale of its shareholding in TNK-BP.

This follows the decision of Alfa Access-Renova to exercise its right to enter a period of negotiation to purchase part/ all of BP’s 50 per cent share in TNK-BP. As a result BP will tomorrow enter into a 90-day period of “good faith” negotiations with Alfa Access-Renova as required by the TNK-BP shareholder agreement.

BP is also able to and will enter into negotiations with other interested parties in parallel for the sale of its share in TNK-BP.

There can be no guarantee that any transaction will take place.

A further announcement will be made when and if appropriate.

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