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Gazprom on verge of TNK-BP takeover in repeat of blackmail tactics which forced Shell’s surrender of Sakhalin-2 project

MarketWatch: Gazprom in talks to gain control over TNK-BP, report says

By Moscow Bureau
Last update: 3:09 a.m. EDT April 4, 2008

MOSCOW (MarketWatch) — Russia’s OAO Gazprom is in talks with TNK-BP half owned by U.K. oil major BP PLC to gain a 51% stake in the joint venture, the RBK Daily said Friday, citing two unnamed sources.

On Thursday, Gazprom’s Chief Executive Alexey Miller met with BP Chief Executive Tony Hayward and Viktor Vekselberg, one of the three Russian shareholders, to talks about a pre-announced deal over TNK-BP’s Kovykta gas field, Gazprom stated in a press release.
However, RBK Daily reported that Gazprom seeks to buy a 1% stake in the joint venture from BP, while at the same time buying out TNK-BP’s three Russian shareholders, which would give the state monopoly a controlling part in TNK-BP.

The sources also stated that a deal is unlikely to take place until after President-elect Dmitry Medvedev’s inauguration May 7, RBK Daily reported.

Speculation about a sale of a half-part in TNK-BP has been going on for two years, but so far the company’s shareholders have denied any talks.

Newspaper Web site: http://www.rbcdaily.ru
-Contact: 201-938-5400 

http://www.marketwatch.com/news/story/gazprom-talks-gain-control-over/story.aspx?guid=%7B2E6CD020-1A97-4EC9-B156-17CADFB29D2B%7D&dist=msr_1

Headline by John Donovan of www.royaldutchshellplc.com

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