You're reading: Russian government downplays Rosneft expansion concerns

MOSCOW (AP) — Russia's energy minister says Rosneft's possible purchase of BP's stake in a joint venture doesn't pose a threat to competition in the country's oil market.

Moscow-based TNK-BP is
jointly owned by BP and AAR, a group of Russian billionaire
shareholders. The two partners have been locked in a boardroom dispute
for much of the group’s existence. BP said in June it intends to sell
its 50 stake and state-owned Rosneft is considered the likeliest buyer.

Minister
Alexander Novak told Russian news agencies on Thursday that the
government doesn’t believe Rosneft’s possible purchase would make the
industry a virtual monopoly.

Rosneft, already the largest oil
company in Russia, said it evaluates “a number of opportunities” on the
market, but would not confirm the upcoming deal.

BP and AAR had no comment.