TNK-BP partners probe BP’s Rosneft tie-up: report

LONDON (BestGrowthStock) – BP’s (BP.L: ) billionaire partners in TNK-BP (TNKBP.UL: ) are examining whether the London-based oil major’s share swap and arctic exploration deal with Rosneft (ROSN.MM: ) violates the terms of their partnership, British newspapers reported on Monday.

The Times and Financial Times said AAR, the vehicle by which four Russia-connected oligarchs own half of TNK-BP, had understood the joint venture agreement meant BP would only pursue new ventures in Russia via TNK-BP.

BP and AAR were not immediately available for comment.

BP has had operations in Russia outside of TNK-BP since the joint venture was formed in 2003, including offshore exploration with Rosneft around Sakhalin Island in east Russia.

BP and Rosneft signed their tie-up late on Friday.