3 Nov 2010 12:05

Petrovietnam won't use preemptive rights to buy BP's Vietnam assets

MOSCOW. Nov 3 (Interfax) - Petrovietnam will not use its preemptive rights to acquire BP's assets in Vietnam, the acting board chairman of TNK-BP , Mikhail Fridman, said in an interview with Kommersant.

TNK-BP has negotiated the purchase of the assets from BP.

"Petrovietnam representatives have told us that they do not intend to exercise their preemptive rights to purchase the BP assets. We have not held talks with Indian ONGC at a serious level so far, but we have been in contact with company representatives. We told them we would like to participate in this project. ONGC has its own interests and plans, including in Russia. I am confident that our partners are interested in seeing constructive and mutually beneficial relations with Russian companies," he said.

Asked whether TNK-BP would offer ONGC a place in projects in Russia in return for not exercising their preemptive rights to purchase BP's Vietnam assets, Fridman said: "TNK-BP and ONGC always have a wide range of potential projects for interaction and other opportunities for cooperation."

ONGC has two months to decide whether to exercise its preemptive rights, starting with October 18, the date TNK-BP and BP signed their agreement.

The BP assets in Vietnam that TNK-BP plans to buy include a gas development project and energy infrastructure. The deal was discussed during President Dmitry Medvedev's visit to Vietnam. The Russian Energy Ministry and the Vietnamese Industry and Trade Ministry signed an agreement of understanding concerning the deal on Sunday.