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Gazprom ‘to pay $20bn for TNK-BP’ image TNK-BP logo Gazprom ‘to pay $20bn for TNK-BP’

By Upstream staff

Russia’s gas export monopoly Gazprom will buy control of oil producer TNK-BP, which is half owned by BP, for $20 billion by the end of the year, local media reported.

The report, in the Vedomosti daily, cited unidentified sources close to the management of both companies, Reuters reported.

Analysts have long speculated that shareholders of TNK-BP, which is half owned by both BP and a group of Russian billionaires, will be forced to sell out to a state player with close ties to the Kremlin such as Gazprom or Rosneft.

Vedomosti cited an unidentified source close to one of the owners of TNK-BP as saying that Gazprom had offered to buy out the Russian owners at the start of this year.

Gazprom sources cited by the newspaper said the gas giant had also reached a deal to buy a 1% stake in TNK-BP from BP. A BP source denied this, the paper reported.

A spokesman for Gazprom declined immediate comment.

24 April 2008 06:10 GMT  | last updated: 24 April 2008 06:10 GMT and its also non-profit sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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