5 Oct 2010 12:43

TNK-BP could acquire up to 50% in Itera - Vedomosti

MOSCOW. Oct 5 (Interfax) - TNK-BP could acquire up to 50% in Itera , the Russian business daily Vedomosti reported citing sources close to both companies respective managements.

TNK-BP and Itera have already been in discussion regarding the transaction's terms, the sources said.

"So far no documents have been signed. Negotiations are underway but we are aiming at closing the deal," a source close to TNK shareholders was quoted as saying. He said that TNK-BP could pay for the stake in Itera with its own gas assets and cash for paying off debt.

Itera's vice-president, Alexander Berezikov earlier said that the company was ready to offer up to 50% of its shares to a strategic investor. "We are ready to offer a stake worth up to 50%," he said. He also said that the company has been in negotiations with various investors, both Russian and foreign energy companies. Berezikov stressed that Itera is interested in receiving both investment and technology, which would help the company develop in a more dynamic fashion.