Bp Regulatory News (BP.)

press release 

24 July, 2012

BP TO BEGIN NEGOTIATIONS WITH ROSNEFT FOR TNK-BP PURCHASE

BP today confirmed it would begin negotiations with Rosneft for the potential purchase of BP's shareholding in TNK-BP.

BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.

BP welcomed today's announcement by Rosneft of its interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.

On July 19^th BP began a 90-day period of good faith negotiations with Alfa Access-Renova regarding the potential sale of BP's shareholding in TNK-BP as required by the TNK-BP shareholder agreement.

This followed notification by Alfa Access-Renova of its intention to exercise its right to enter a period of negotiation to purchase part or all of BP's 50 per cent share in TNK-BP.

There can be no guarantee that any transaction will take place.

Further announcements will be made when and if appropriate.

Notes to editors:

•           TNK-BP is a leading Russian oil company, owned equally by BP and Alfa Access-Renova. The company was formed in 2003 as the result of the merger of BP's Russian oil and gas assets and the oil and gas assets of Alfa Access-Renova.

•           TNK-BP is vertically integrated with a diversified upstream and downstream portfolio in  Russia and Ukraine and international interests in Brazil, Venezuela and Vietnam.

Further information:

BP press office London: +44 (0)20 7496 4076, bppress@bp.com

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