Energy Business Review: AAR Might Buy Half of TNK-BP, Chevron Gets Sierra Leone Participation

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The AAR consortium which owns 50 percent of TNK-BP might acquire BP’s (NYSE:BP) entire 50 percent stake, and intends to make a binding all-cash by the middle of next month, say sources to Reuters. However, such a transaction would require government approval and is currently opposed by several senior Russian officials.

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Cnooc Limited (NYSE:CEO) is said to be trying to raise $6 billion through a one-year loan to help pay for its proposed $15.1 billion purchase of Nexen, Inc. (NYSE:NXY). The mostly state-owned Chinese oil company has invited some 15 banks to participate in the loan. The Japanese lenders who are usually involved in loan agreements which involve Chinese firms of this sort haven’t been invited this time.

Chevron Corporation (NYSE:CVX) has been granted participation in two deepwater blocks off the coast of Sierra Leone, in which it will be the operator of the exploration area, holding a 55 percent interest. Noble Energy, Inc. (NYSE:NBL) will hold 30 percent. Financials of the transaction were not reported.

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