21 Oct 2009 16:01

TNK-BP not likely to hold IPO in short-to-medium term

MOSCOW. Oct 21 (Interfax) - TNK-BP is not likely to hold an IPO in the short or medium term, said Jonathan Muir, the oil producer's chief financial officer, speaking at a UBS conference on Wednesday.

The two shareholder groups in TNK-BP, BP and the Russian consortium of Alfa Group, Access Industries and Renova (AAR) were locked in a public boardroom battle for about six months last year. Under the memorandum of understanding that settled the dispute, the board of directors was to consider a share listing abroad to expand the shareholder base.

Previously Viktor Vekselberg, one of the company co-owners, said TNK-BP might conduct an IPO no earlier than 2010.