BP is seeking to sell a part of its share in its Russian joint venture TNK-BP, The Wall Street Journal reports. The U.K. oil major is aiming to sell half of its 50% stake to Rosneft, giving Rosneft the ability to block decisions in TNK-BP.
BP’s Russian partners, represented through AAR had opposed BP’s previously announced alliance with Rosneft, claiming it broke the TNK-BP shareholder agreement. The deal with Rosneft would have included a $16 billion share swap between BP and Rosneft and a partnership to explore new oil fields in the Arctic Sea north of Russia.
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