AAR has not yet sent proposals on IPO for TNK-BP to Russian govt
MOSCOW. Oct 10 (Interfax) - Russia's Alfa-Access-Renova (AAR) consortium has not yet shown the Russian government its ideas regarding an initial public offering (IPO) for TNK-BP , the consortium's co-owner Mikhail Fridman told Interfax.
"AAR hasn't sent the government proposals about TNK-BP's IPO yet," he said, noting that even though it is a private company, it is required to agree such matters with the government, since "TNK-BP is a strategic company."
Commenting on a possible partnership with Russian state-owned oil company Rosneft at TNK-BP, Fridman said, "Anything is possible."
Viktor Vekselberg, another co-owner of AAR, told Interfax that the consortium is considering "various options" of participation or lack of participation in TNK-BP.
Neither Fridman nor Vekselberg commented on TNK-BP's dividends, noting that the management has not yet submitted a proposal on the size of payouts.
On Tuesday, Energy Minister Alexander Novak said that AAR, which holds equal ownership in TNK-BP together with Britain's BP, needs government approval in the case initiatives are undertaken to conduct an IPO for the joint venture.
According to the law 'On the procedure for implementing foreign investments in business entities with strategic significance for ensuring the defense of the country and the security of the state,' the purchase of more than 5% of stock in a company with strategic significance is subject to preliminary approval with the authorized government entities.
A source close to AAR told Interfax that on Monday the consortium informed its fellow shareholder in the oil joint venture of its intention to take TNK-BP to an IPO or sell all or part of its shares in the company to a third party.
However, if AAR buys BP's stake in TNK-BP or if the British company refrains from selling its stake, "AAR does not intend to sell its shares to a third party, as has been said repeatedly before," the source said. "Nonetheless, the consortium allows for the possibility that BP's stake will be acquired by Rosneft, and with such a turn of events AAR will be able to ensure an optimal return on its shares with the assistance of their public placement," he added.
AAR chief executive Stan Polovets confirmed that the consortium had sent such a notification to BP.