TNK-BP, Russia's third largest oil company, is a joint venture between BP and Alfa Access-Renova, an entity representing the interests of a group of Russian billionaires.
BP said Thursday it was in the beginning stages of the potential sale of its stake in the joint venture following an AAR move to purchase part, or all, of BP's half.
Rosneft said, in a statement, it let BP know it was interested in taking on its stake in TNK-BP. Both sides, the company said, agreed to start negotiations on a potential deal.
"Rosneft believes that an acquisition of BP's interest in TNK-BP would be in the best interest of both Rosneft's and BP's shareholders and would lead to further development of TNK-BP," the Russian company said in a statement.
TNK-BP was formed in 2003. By 2008, the Russian representatives were frustrated with the direction of the company. Bob Dudley, now chief executive at BP, left the top post at TNK-BP in 2008.
There was no announcement from BP or TNK-BP regarding the potential Rosneft deal. The Russian company said there "can be no assurance" a deal will take place.