Russia’s largest state-owned oil company Rosneft has offered British oil major BP $28 billion in a cash and shares deal for its 50 percent stake in the TNK-BP joint venture, The Financial Times reported on Thursday, citing its sources.

Rosneft submitted its bid early this morning, the paper said, quoting people familiar with the deal. Rosneft Chief Executive Igor Sechin flew in to London on Wednesday for talks on the deal, the paper said.

The BP Board of Directors may examine the offer at its meeting on Friday.

“The move would be transformational for Rosneft. Absorbing half of TNK-BP would make it the world’s largest publicly traded oil company, with higher crude production than global energy titans Exxon Mobil and Royal Dutch Shell," the FT said.

BP is currently holding talks both with the AAR consortium of Russian billionaire shareholders, which owns the other half of TNK-BP, and Rosneft on a possible sale of its stake, which analysts previously said could be worth $25 billion.

BP announced its decision to quit TNK-BP, which accounts for a quarter of the British oil giant's global production and almost a fifth of its reserves, in June 2012 after a long-standing row with the Russian oligarchs that cost BP some of its control over the company.