TNK-BP worth $54.1 bn: report
TNK-BP, the Russian joint venture of the British energy giant that is at the heart of a heated merger dispute, is worth $54.1 billion, Moscow's Finans magazine reported on Monday.
The valuation appeared in the weekly's annual ranking of the country's biggest companies, with the list headed by natural gas giant Gazprom on $205.4 billion and state-held oil firm Rosneft -- BP's erstwhile partner, on $99.4 billion.
TNK-BP came in sixth, also trailing the RZhD Russian Railways company, state bank Sberbank and private oil firm Lukoil.
The Russian billionaires who own half of TNK-BP -- collectively known as AAR and led by the banker Mikhail Fridman -- have used the courts to halt BP's $16 billion share swap and Arctic exploration agreement with Rosneft.
Rosneft last week agreed to extend until May 16 the deadline by which the deal could be agreed, with one of the discussed options involving a buyout by BP of its Russian partners.
Western and Russian press reports said that BP was willing to offer AAR $27 billion for the group's stake in TNK-BP, which is one of the world's top 10 private oil producers.
But the billionaires refused, valuing the company at more than $70 billion.
The oil firm is not traded on Western exchanges and its true value is under dispute although the Finans valuation is closer to that suggested by BP.
© 2011 AFP