Russian Tycoons Approach Former BP Chiefs

March 14, 2013

Dow Jones reports that representatives of the Alfa Group, set to earn billion of dollars from the sale of Anglo-Russian oil venture TNK-BP, have sounded out former BP CEOs John Browne and Tony Hayward about investing jointly in international oil projects, Reuters reported on its website Wednesday.

German Khan, one of four Russian businessmen who shared control of TNK-BP with BP PLC (>> BP plc) for a decade, met Mr. Browne and Mr. Hayward and other potential deal partners in London last month, Reuters cited sources familiar with the discussions as saying.

Mr. Khan effectively heads TNK-BP and is Mikhail Fridman's partner in the Alfa Group consortium.

The Alfa-Access-Renova consortium will receive cash of $28 billion for selling their one-half stake in TNK-BP to Russian state-owned oil company OAO Rosneft (>> Rosneft' NK OAO).

Alfa will get half of that and wants to reinvest much of the money in oil and gas, as well as in telecoms, the sources said in the report.

The other two partners in AAR, mining tycoon Viktor Vekselberg of the Renova Group and Len Blavatnik of Access Industries, are likely to bow out and focus on other ventures and charity work, sources close to TNK-BP and AAR said.

Copyright 2013, Dow Jones . All rights reserved.