Wednesday, October 6, 2010

BP (NYSE:BP) Joint Venture TNK-BP May Acquire Itera

Independent gas producer Itera may be in the sights of TNK-BP, a joint venture between oil giant BP (NYSE:BP) and Russian billionaires, according to Vedomosti business daily.

Vice president of Itera, Alexander Berezikov, said a company which could offer them technology and investment would be a welcome strategic partner.

Unidentified sources cited by Vedomosti said TNK-BP is considered in that echelon of potential bidders.

The source said, "For now, no documents have been signed but the talks are ongoing and we are aiming to conclude the deal."

Terms of the deal could include cash and some of the gas assets held by TNK-BP.

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