Russia, Venezuela back TNK-BP acquiring BP assets

The Russian and Venezuelan energy ministries signed on Friday a memorandum of understanding supporting a plan for TNK-BP to acquire BP’s assets in Venezuela.

TNK-BP is a joint venture partly owned by British energy giant BP.

The agreement was signed at a cememony in the Kremlin attended by Venezuelan President Hugo Chavez and President Dmitry Medvedev. According to media reports, TNK-BP is interested in acquiring several projects in which BP has an interest in Venezuela.

BP is considering selling a range of assets to finance its losses after the Gulf of Mexico oil spill.