Russian authorities are to force the disclosure of a secret shareholder agreement at the heart of BP’s disputes with its billionaire partners in TNK-BP.
The move comes just days after BP said that it wanted to sell its 50 per cent stake in the Russian joint venture, which accounts for about a third of its production and could be worth $30 billion (£19 billion).
BP’s decision to sell its holding follows a series of quarrels with Alfa Access Renova, which is owned by four oligarchs who have traded accusations with BP of breaching their confidential shareholder document.
The Federal Anti-Monopoly Service in Russia has proposed that such agreements must be made public following a complaint by Rosneft, which fell foul of the pact last year when a proposed share swap and Arctic exploration deal with BP collapsed in the face of opposition from AAR.
The consortium, owned by Mikhail Fridman, Viktor Vekselberg, German Khan and Leonard Blavatnik, said that restrictions spelt out in the shareholder agreement showed that they had exclusive rights to work with BP in Russia.
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Anatoly Golomolzin, deputy head of the Federal Anti-Monopoly Service, told Reuters: “Last year there was a situation linked to the fact that a deal could not take place, BP’s deal with Rosneft, and it became clear that it was linked to the shareholder agreement. Since last year we have been analysing the agreement and have agreed amendments to the law requiring the publication of such agreements.”
The agreement may prevent BP from disclosing certain data about TNK-BP to potential suitors, of which there are already several, with Rosneft’s parent company, the state energy holding Rosneftegaz, regarded as the likely buyer.
Chinese state-owned groups could also be interested, although the consortium has claimed that the agreement gives it the exclusive right to buy BP’s stake.