BP to sever ties with TNK to rescue Rosneft deal - papers

BP is preparing to sell its stake in a joint venture with TNK to Rosneft in an effort to rescue the landmark deal with the Russian state oil company, the Wall Street Journal has reported.

BP executives notified shareholders in TNK-BP on Monday of an upcoming letter formally announcing its intention to sell its 50% TNK-BP stake, according to the WSJ. However, BP refused to confirm the reports, telling the paper there has been "no decision to sell any of BP's shares in TNK-BP". The news of the sale signifies hope for the deal, which has suffered a series of setbacks over the past year. For BP, such a deal would free it from the exclusivity restrictions that now limit its dealings with Rosneft. BP has long been striving to gain a foothold in Russia's offshore Arctic oi...