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TNK-BP bid in the works

Oct. 17, 2012 at 9:28 AM

LONDON, Oct. 17 (UPI) -- The Russian half of the TNK-BP joint venture agreed to sell its stake in the project to state-owned Rosneft, a British report states.

In September, BP officials, including Chief Executive Bob Dudley and board Chairman Carl-Henric Svanberg, met with Russian Vladimir Putin to discuss the company's position in Russia. Dudley had served as the top official at Russian joint venture TNK-BP before moving to the British major.

BP had said it was interested in the potential sale of its stake in TNK-BP.

Sky News reported that it's learned from unnamed sources that AAR signed an agreement that outlines the sale of its half of the joint venture to Russia's state-owned oil company Rosneft for around $28 billion.

Rosneft during the summer said it let BP know it was interested in taking on a stake in joint venture.

Both sides of the venture have been at odds over the direction of the company. Dudley in 2008 left his Moscow offices at TNK-BP when the Russian side expressed concern he was favoring British interests.

There was no confirmation of any deals from the parties involved.

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