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BP confirms talks over Rosneft deal
OIL multi-national BP has confirmed it is in advanced talks with Kremlin-backed energy company Rosneft about selling its 50 per cent stake in Russian joint venture TNK-BP.
The announcement from the UK energy company comes after its board reportedly backed proposals for a £17bn deal, paid in a combination of cash and shares in Rosneft.
BP, which formed the TNK-BP joint venture in 2003, stressed that no agreement has yet been reached.
It is thought BP will receive up to £8bn and take a 15 per cent to 20 per cent stake in Rosneft.
If the sale goes ahead, Rosneft would become the world's biggest publicly traded oil company after the deal, with daily crude output of more than three million barrels.