OREANDA-NEWS. August 1, 2012. BP confirmed it would begin negotiations with Rosneft for the potential purchase of BP’s shareholding in TNK-BP.

BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.

BP welcomed today’s announcement by Rosneft of its interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.

On July 19th BP began a 90-day period of good faith negotiations with Alfa Access-Renova regarding the potential sale of BP’s shareholding in TNK-BP as required by the TNK-BP shareholder agreement.

This followed notification by Alfa Access-Renova of its intention to exercise its right to enter a period of negotiation to purchase part or all of BP’s 50 per cent share in TNK-BP.

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