MOSCOW (AFX) - Russian state gas monopoly Gazprom is in talks to buy up to half of the Russian-British energy company TNK-BP in a deal that could be worth 25 bln usd, business daily Vedomosti reported.
Managers at both companies said informal talks were underway between Gazprom and TNK-BP's Russian shareholders on the possible sale.
'It would be a good deal for the growth of our company's oil business,' the paper quoted a top manager at Gazprom as saying. 'We could double our oil output to 80 million tonnes per year and Gazprom's capitalisation would rise by tens of billions of dollars.'
According to TNK-BP's shareholders' agreement, the sale could not happen before the end of 2007, the paper said.
Relations have been rocky between Gazprom and the 50-50 Russian-British venture, with Gazprom blocking TNK-BP from developing its Kovykta gas field to ship gas to China for several years.
Spokespersons at both companies could not immediately be reached for comment.
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