BP may sell stake in TNK - reports

BP has informed the other shareholder in its joint venture, a group of Russian billionaires known as Alfa Access Renova, of its plans to find a buyer for the stake, according to the BBC.

In a short statement, BP said it had received "unsolicited indications of interest" in the sale. However, it did not confirm such a transaction would definitely take place. The news follows Mikhail Fridman's, chief executive of TNK-BP, resignation over "personal reasons". He warned the venture would be paralysed unless one of the two partners took full control of TNK-BP, adding the competition between the two parties had obstructed progress. According to the Telegraph, the oligarch co-owners of TNK-BP expressed interest in swapping their holdings in the joint venture for shares in BP....