Support The Moscow Times!

TNK-BP Stake Could Sell

ST. PETERSBURG — TNK-BP shareholder Viktor Vekselberg said he might sell his stake at the right price.

"Now we are not looking to sell," Vekselberg said Thursday at the St. Petersburg International Economic Forum. "But if there is an interesting proposal, why not?"

Vekselberg said he couldn't promise that he won't have sold his stake in the venture by the end of the year.

There are no talks currently with BP about share purchases, Vekselberg said. Neither Rosneft nor any other company has made any proposal, he said.

TNK-BP has no plans to sell shares in an initial public offering, Vekselberg said.

Vekselberg, also chairman of aluminum producer United Company RusAl, said the company may consider acquisitions in the metals industry once it reduces its debt to three times earnings before interest, tax, depreciation and amortization. He expects RusAl to pay dividends this year.

Vekselberg said an initial public offering of his gold miner Zoloto Kamchatki in Hong Kong might be possible next year.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.