Acquisition

BP PLC
16 January 2004


January 16, 2004


                     BP AND AAR CLOSE SLAVNEFT TRANSACTION


BP today announced that it has completed the deal to include Alfa Group and
Access-Renova's (AAR's) 50 per cent interest in Slavneft into TNK-BP. Completion
of the Slavneft transaction follows receipt of regulatory approvals, including
clearance from the European Union.

BP said it has paid some $1.4 billion in cash to AAR. This includes interest
charges covering the period from when the transaction became effective on May 1,
2003.

TNK-BP and Sibneft, the other main owner of Slavneft, will continue to work
together to finalise an agreement to split the main assets of Slavneft between
them.


Further enquiries:

BP press office, London, tel: [phone]/4827


                                    - ENDS -



                      This information is provided by RNS
            The company news service from the London Stock Exchange