TABJ - July 18 - In June it was announced that former BP chief executive Tony Hayward, and commodities investment honcho Nat Rothschild, would list a new vehicle on the London Stock Exchange. Today it emerged that they will look at up to six potential target companies for this vehicle, Vallares, starting with some big names in Russia.

Rumours abound that bidding on oil producers Bashneft and Russneft worth $12 billion is in the pipeline, following Vallares’ float for £1.35 billion last month.

Both companies are part-owned by Russian oil super AFK Sistema. AFK has a stake in Russneft worth around $US1.5 billion, and reports state that Bashneft, one of the biggest oil companies in Russia, has a market value of $US11 billion. Some outlets are already reporting that these bids could mark a preliminary input ahead of a later takeover. It is also reported that the company will eye a possible offer for Genel Energy; one of northern Iraq’s biggest oil players.