TNK-BP partners reject BP's Rosneft olive branch

Markets Reuters

MOSCOW (Reuters) - BP's partners in Russian joint venture TNK-BP have rejected a peace proposal by the British oil major to involve them in talks on joining a disputed BP alliance with Russia's Rosneft.

Continue Reading Below

The TNK-BP board met in Paris on Saturday to consider a new proposal from BP's representatives concerning a partnership with Rosneft, Russia's top crude producer.

"A proposal by BP's nominated directors which would have allowed TNK-BP to hold initial discussions with Rosneft about pursuing the Arctic opportunity, was rejected by Alfa, Access and Renova (AAR)," BP said in a statement on Saturday.

TNK-BP board is made up of four BP-nominated directors, four representatives of the Russia-connected billionaires who hold shares in the venture as the AAR consortium, and three independent directors.

(Reporting by Vladimir Soldatkin; editing by Alexander Smith)