BP backs deal to swap TNK-BP for Rosneft stake

Topics: From the Wires,

LONDON (AP) — A person familiar with the matter says that the board of U.K. energy company BP PLC has struck a deal to swap its profitable but troublesome Russian oil venture TNK-BP for a big stake in Rosneft, the Kremlin-controlled energy company.

The person said that the sale of BP’s half of TNK-BP would net the company between $10 billion to $15 billion in cash as well as a 15 to 20 percent stake in Rosneft, Russia’s largest producer of oil.

He said the ranges were approximate because the parameters of the deal were still being worked out. He spoke Sunday on condition of anonymity ahead of an official announcement which he said the companies hoped to make “soon.”

A tie-up between BP and Rosneft has been long-anticipated.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 7
  • Close
  • Fullscreen
  • Thumbnails
    Dinah Fried

    Famous literary meals

    "Fear and Loathing in Las Vegas" by Hunter S. Thompson

    Dinah Fried

    Famous literary meals

    "Alice's Adventures in Wonderland" by Lewis Carroll

    Dinah Fried

    Famous literary meals

    "Moby Dick" by Herman Melville

    Dinah Fried

    Famous literary meals

    "The Bell Jar" by Sylvia Plath

    Dinah Fried

    Famous literary meals

    "The Catcher in the Rye" by J.D. Salinger

    Famous literary meals

    "The Metamorphosis" by Franz Kafka

  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>