BP may need to fork over $15 billion to the oligarch investors in TNK-BP, the company's joint Russian venture in order to finalize its deal with OAO Roseneft, Russia's largest oil company. That is the price tag analysts and bankers estimate BP would need to pay TNK-BP if it wants to move forward with the $16 billion share swap with Rosneft.
Last week, a Swedish arbitration tribunal extended an injunction won last month by TNK-BP to block BP's (BP) partnership with Rosneft. Under the terms of the share swap announced in January, Rosneft would take a 5% stake in BP and the two companies would team up to explore for oil in the Russian area of the Arctic Circle.
BP put $8.5 billion into TNK-BP when it was formed in 2003 and has since taken around $15billion of dividends out of the joint venture, which produces some 2 million barrels of oil a day, according to the Daily Mail, a London newspaper. While it may take $15 billion to appease the Russian investors in TNK-BP, there is no sign they want to exit the venture.
TNK-BP, Russia's third-largest oil producer, has claimed BP's deal with Rosneft violates TNK-BP's shareholder rights with the British oil giant. TNK-BP accounts for a quarter of BP's oil output and 20% of the company's annual production.