PowerPoint Presentation: BP announced today that it is beginning the next stage in the process, required under the TNK-BP shareholder agreement, regarding the potential sale of its shareholding in TNK-BP. This follows the decision of Alfa Access- Renova to exercise its right to enter a period of negotiation to purchase part/ all of BP’s 50 per cent share in TNK-BP. As a result BP will tomorrow enter into a 90-day period of “good faith” negotiations with Alfa Access- Renova as required by the TNK-BP shareholder agreement. BP is also able to and will enter into negotiations with other interested parties in parallel for the sale of its share in TNK-BP. There can be no guarantee that any transaction will take place. A further announcement will be made when and if appropriate.
PowerPoint Presentation: Notes to editors: TNK-BP is a leading Russian oil company, owned equally by BP and Alfa Access Renova . The company was formed in 2003 as the result of the merger of BP’s Russian oil and gas assets and the oil and gas assets of Alfa Access Renova . TNK-BP is vertically integrated with a diversified upstream and downstream portfolio in Russia and Ukraine and international interests in Brazil, Venezuela and Vietnam .