MOSCOW, June 1, 2012 /PRNewswire/ -- AAR has received from BP a Notice of Intention to dispose of Stock Units in TNK-BP. The notification contained no details on the third party BP is looking to sell its interest to or the terms of the potential transaction.
Since its establishment in 2003 TNK-BP has been highly successful in delivering consistent production growth, strong cash flows and exceptional reserve replacement.
However it has become apparent that the parity ownership structure has become inoperable given fundamental differences over strategy and governance between AAR and BP.
AAR remains committed to the successful development of TNK-BP including potentially increasing its shareholding in the business.
SOURCE Alfa, Access, Renova (AAR)