BP To Sell Stake In TNK-BP, May Be Worth $30B+

Britain's BP PLC said Friday it will pursue the sale of its stake in Russia-based crude oil and natural gas venture TNK-BP after receiving a unsolicited indications of interest regarding the potential acquisition.

Alfa Access Renova owns the other half of TNK-BP, a vertically integrated petroleum company formed in 2003 by merging BP's Russian oil and gas assets and the oil and gas assets of Alfa Access Renova. It operates in Russia, Ukraine and holds interests in Brazil, Venezuela and Vietnam. BP's stake in TNK-BP, Russia's third-largest crude oil producer, may be worth more than $30 billion, the Wall Street Journal said.

BP shares rose 84 cents, or 2.3 percent, to $37.30 in premarket trading, after falling Thursday by 56 cents to $36.46.