BP to enter TNK-BP sale talks with Rosneft

Entering talks: BP and Rosneft, seen here in 2011, to discuss sale of TNK-BP stake

BP has confirmed it is entering negotiations with Russian oil producer Rosneft on the potential sale of its 50% share of Russian joint venture TNK-BP.

The company welcomed Rosneft’s announcement earlier on Tuesday signalling its interest in kicking off the talks, adding the pair have signed a non-disclosure agreement.

The British supermajor confirmed that it would also conduct parallel discussions with any other interested parties on a potential sale.

The two companies were to form a global strategic alliance last year before the potential deal failed. A legal case taken by minority shareholders in TNK-BP over the failed deal remains in the courts.

During the new talks with Rosneft, BP said it would “negotiate in good faith with…

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