AAR discussing options for investing TNK-BP sales proceeds in Russian oil - Vekselberg
MOSCOW. Dec 24 (Interfax) - The AAR consortium (Alfa Group, Access Industries, and Renova) is looking at options for investing the money it will make on the sale to Rosneft of 50% in TNK-BP in the Russian oil sector, AAR co-owner Viktor Vekselberg told the press.
"AAR is considering at this point, we're discussing, but no decisions have been made," Vekselberg said in response to a question about investment plans for the TNK-BP sale proceeds.
The question is investment in Russia's oil sector, he said. "We have accumulated much experience and serious abilities," he said.
As to Renova's investment plans - Vekselberg owns the outfit - he said, "We have a large asset portfolio. In particular, Renova intends to invest some $500 million in the building of a plant that will produce medicinal preparations," he said.
Renova will also invest in traditional energy, energy machine-building, and high-tech, Vekselberg said, expressing confidence that there are in Russia enough things to invest in. "There will even be little," he said, meaning funds Renova will receive from the sale of the stake in TNK-BP.
Rosneft will be buying 50% of TNK-BP from AAR for $28 billion.
