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BP may sell part of its stake in TNK-BP to Rosneft - paper

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British oil giant BP is considering selling part of its stake in the Russian-British joint venture TNK-BP to Russian energy company Rosneft to be able to work independently in Russia, The Financial Times said on Tuesday.

British oil giant BP is considering selling part of its stake in the Russian-British joint venture TNK-BP to Russian energy company Rosneft to be able to work independently in Russia, The Financial Times said on Tuesday.

The newspaper said a person close to BP denied the company's plans to sell any of the company's shares in TNK-BP.

In January, Rosneft and BP signed a deal to swap shares and jointly develop Russia's energy-rich Arctic shelf. Russian shareholders in TNK-BP blocked the deal via the Stockholm Court, citing a shareholder agreement. The BP-Rosneft deal expired on May 17.

Under the current TNK-BP shareholder agreement, BP can only engage in projects in Russia jointly with TNK.

The newspaper said BP began considering the idea of selling its stake at the peak of the dispute with TNK-BP over the Rosneft deal.

"We are aware that AAR [Russian shareholders in TNK-BP] was informed by senior BP officials today that they would be delivering notification of plans to sell an unspecified stake in TNK-BP to Rosneft," a person close to the management of TNK-BP said.

The person added BP was viewing the possibility of selling part of its 50% share in the joint venture to a special-purpose vehicle controlled by Rosneft, the newspaper said.

MOSCOW, June 7 (RIA Novosti) 

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