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The deal was blocked by BP's subsidiary TNK-BP, a joint venture with a group of Russian billionaires, known as AAR (Alfa-Access-Renova), due to a dispute over Russian exploration rights between the two companies, and was nullified.
When Alfa Group took over oil giant TNK, it was Khan who was chosen to run the operation.
He and a friend from university, Viktor Vekselberg, formed the Renova investment vehicle, and then the two joined with Mikhail Fridman's Alfa Group to form the AAR venture.
On 1 September 2003, BP and a group of Russian businessmen, represented by the AAR (Alfa-Access-Renova) announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine and creation of TNK-ВР.
In 2003, the Renova Group, along with Access Industries (owned by Leonard Blavatnik) and the Alfa Group (owned by Mikhail Fridman, German Khan, and Alexei Kuzmichov) announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine, forming the AAR consortium.