BP said Friday that it had received unsolicited indications of interest regarding the potential acquisition of its 50% stake in Russian crude oil venture TNK-BP.
In light of those approaches, BP has notified Alfa Access Renova of its intention to pursue a potential sale, it said.
There is no guarantee that a transaction will take place, the company said.
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 BPs Russian oil and gas assets and the 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.