Russian Oligarchs Say No To Buying Out BP

tony hayward

The Russian oligarchs in charge of the other half of the TNK-BP joint venture have dismissed reports that they are considering buying BP’s position, according to Ria Novosti.

This could be a significant setback in BP’s attempts to raise $30 billion in capital through asset sales to cover the costs of the Deepwater Horizon oil spill.

One of the oligarchs, German Khan, said, “BP will not discuss selling its stake,” and that the joint venture would not be selling any assets either.

Khan has, however, been more positive about the appointment of Robert Dudley as BP’s new CEO. This comes after a falling out between the two parties in Russia over management styles, which may have led Dudley to go into hiding.

Tony Hayward has also been welcomed by his new partners in Russia who feel he “fell victim to subjective circumstances.”

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