TNK-BP stalemate – Part Two

So, as anticipated, the Russian consortium in TNK-BP represented by AAR (Alfa Group, Access, Renova), and its British partner BP, appear likely to continue working together, after AAR reject an offer from state-owned Rosneft, which is now headed by former Deputy Prime Minister Igor Sechin, to buy BP’s interest in the JV. This came to light in comments from AAR’s sources to Kommersant in its edition of 9 October 2012, in which they noted that Rosneft lacked the technologies and competence demonstrated by BP.

Could this be the same BP that AAR has been criticising for so long? Appears to be. So AAR shareholders prefer to be in a permanent state of war with current partner BP, which is thereby put at a disadvantage, rather than hook up with Rosneft.

This could reflect the realisation that a state-owned partner would have the clout to take control and could not be fobbed off through various shenanigans, such as court cases filed by obscure shareholders in remote Russian regions, one of the tactics allegedly employed by AAR shareholders in different disputes.

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