BP Weighs Its Russian Options

BMI View: BP published a statement on June 1 2012 that has opened the door to a potential sale of its 50% stake in TNK-BP. This is the latest development in a long-standing and acrimonious dispute that has pitched the supermajor against a group of oligarchs to which it is partnered under the JV. Although it remains too early to tell whether a sale is a likely option, or just a mere threat, we believe such a move could prove to be the 'least worst' solution for BP. The British major may have the proverbial 'last laugh', as AAR could find itself in a partnership with an emboldened Rosneft.

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