Sinopec, Cnooc Eye BP Stake in BP-TNK JV

Date : 06/03/2012 @ 7:00PM
Source : Dow Jones News
Stock : China Petroleum & Chemical Corp. (SNP)
Quote : 78.19  0.0 (0.00%) @ 4:00AM

Sinopec, Cnooc Eye BP Stake in BP-TNK JV

China Petroleum (NYSE:SNP)
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China Petroleum & Chemical Corp. (0386.HK), or Sinopec, and Cnooc Ltd. (CEO) are eyeing up BP PLC's (BP.LN) £14 billion half stake in its Russian TNK-BP (TNBP.RS) joint energy venture, The Mail on Sunday reports.

The newspaper said Rosneftegaz has also been instructed by the Russian government to approach BP.

Meanwhile, BP has told leading shareholders they could be in line for a GBP10 billion windfall from the sale of its stake, The Sunday Telegraph reports.

One top 10 shareholder said, "(BP) will keep half the money for new assets and give half back to shareholders," according to the newspaper.

Write to London Bureau at michael.haddon@dowjones.com

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