TNK-BP interested in buying BP Algeria assets: CEO

6th October 2010, Comments 0 comments

Russian-British oil venture TNK-BP is interested in acquiring the assets of its part owner BP in Algeria, its chief executive said on Wednesday.

Top TNK-BP executives are travelling in the delegation of President Dmitry Medvedev on his visit to Algeria and Russian newspaper Kommersant had reported earlier that they would discuss buying the prized assets.

"We would like the fate (of the Algerian assets) to be decided positively," TNK-BP acting chief executive, Russian billionaire banking tycoon Mikhail Fridman, told reporters in Algeria.

BP is considering selling a range of assets to finance its losses after the Gulf of Mexico oil spill. Reports have said the board of TNK-BP last week approved a bid to buy BP assets in Vietnam and Venezuela.

BP's investments in Algeria include a 33.14 percent share in two projects in the giant In Salah oil field, according to Kommersant.

TNK-BP is owned 50 percent by the embattled oil giant and 50 percent by a group of Russian billionaires including Fridman known collectively as Alfa Access-Renova (AAR).

TNK-BP almost imploded during a venomous shareholder conflict in 2008 but the dispute was patched up when shareholders agreed to appoint Maxim Barsky chief executive effective from January 1, 2011, with Fridman taking the reins in the interim.

© 2010 AFP

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