BP and Rosneft are on the verge of announcing a deal worth more than $25bn (£16bn), that will see the British oil major exit troubled joint venture TNK-BP and take a stake in the Russian state-controlled energy firm, it is understood.
The deal has yet to be finalised, although BP this morning confirmed this morning that it was in “advanced discussions” with Rosneft regarding the sale of its 50 per cent stake in TNK-BP.
State-owned Rosneft is expected to buy out BP’s 50 per cent stake in the Russian oil venture, with BP taking between a 15 and 20 per cent stake in Rosneft itself to secure its future in the Russian energy market.
In a separate deal, Rosneft has been discussing with consortium AAR to buy out the other half of TNK-BP.
An announcement of the deal is expected early this week.