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Sinopec, Cnooc Eye BP's Stake In TNK JV - Report

06/03/2012 | 07:06am US/Eastern

China Petroleum & Chemical Corp. (0386.HK), or Sinopec, and Cnooc Ltd. (CEO) are eyeing up BP PLC's (BP.LN) GBP14 billion half stake in its Russian TNK-BP (>> TNK-BP Holding OAO) 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.

-London Bureau, Dow Jones Newswires; 4420-7842-9289; michael.haddon@dowjones.com

Stocks mentioned in the article : TNK-BP Holding OAO
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