BP in talks with Rosneft over TNK-BP sale

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LONDON, July 25 (UPI) -- British energy company BP confirmed Wednesday that it started talks with Russian oil company Rosneft to sell its stake in joint venture TNK-BP.

"BP today confirmed it would begin negotiations with Rosneft for the potential purchase of BP's shareholding in TNK-BP," the company said in a statement.

The Guardian newspaper last week reported that BP could get at least $30 billion from the potential sale, though Alfa Access Renova, which represents the Russian interests in TNK-BP, said the figure would be significantly less.

The relationship between TNK-BP and the British energy company is stormy. Bob Dudley, now chief executive officer at BP, left his Moscow offices in 2008 when he led TNK-BP, Russia's third-largest oil company, citing harassment from the Russian side.

On Tuesday, Rosneft stated it felt the acquisition of BP's interest in the joint venture was in the best interest of Rosneft and BP shareholders.

A value wasn't specified and both sides cautioned there was "no guarantee" the deal would go forward, adding additional statements would be made "when and if appropriate."