“We will pay cash, but have not yet determined the
price,” said the source, who is close to the Alfa-Access-Renova (AAR)
consortium that represents shareholders Mikhail Fridman, German Khan, Viktor
Vekselberg and Len Blavatnik, according to Reuters.
AAR had said it was willing to pay $10 billion for a 25% stake
in TNK-BP, Russia’s third-largest oil company. BP, which put its stake up for
sale in June, was not interested in that offer, sources said.
AAR expanded its bid after state oil major Rosneft said it
wanted to buy BP’s stake in TNK-BP for cash and stock in a deal that could be
worth more than $20 billion.
Such a deal would require government approval and is opposed
by some senior Russian officials.