Rosneft may buy out TNK-BP's minority shareholders

Rosneft may offer to buy out minority shareholders in BP's former Russian oil venture TNK-BP

Associated Press

MOSCOW (AP) -- Russian state-owned oil giant Rosneft may offer to buy out minority shareholders in oil firm TNK-BP or convert their shares into Rosneft stock.

TNK-BP, Russia's third-largest oil company, was taken over by Rosneft last year. Since the deal, international minority investors holding some 5 percent in TNK-BP have been left in limbo, with Rosneft showing no sign of buying up the remaining shares.

Russian news agencies on Thursday quoted Rosneft Vice President Igor Maidannik saying the company could offer to buy the shares or convert them into Rosneft shares. He said Rosneft would prefer a share swap.

Shares in TNK-BP jumped 3.6 percent Thursday afternoon in Moscow.

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