Financial Times FT.com

TNK-BP launches bid for Rosneft stake

By Catherine Belton in Moscow

Published: March 23 2007 14:13 | Last updated: March 23 2007 21:53

TNK-BP, BP’s Russian joint venture, plans a surprise bid for a stake of nearly 10 per cent in state-controlled Rosneft, Russia’s second-biggest oil major.

The 9.44 per cent Rosneft stake formerly belonged to Yukos – the company of Mikhail Khodorkovsky, the jailed oligarch and opponent of Vladimir Putin, Russia’s president. Yukos was forced into bankruptcy by claims for more than $33bn in back taxes.

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