BP to forge ahead with Russian stake sale

  • BP has said it will sell a stake in its Russian venture despite threats made by its billionaire partners to block a deal that would help the Kremlin increase its hold on the country's lucrative energy sector.

    The British oil giant is looking to pursue the sale after receiving interest in its one-half stake in TNK-BP, Russia's third-largest oil producer. BP’s shareholding is worth an estimated $30 billion.

    BP has reportedly been approached by state energy group Rosneftegaz, which controls a stake of more than 75 percent in Rosneft, Russia's largest oil firm.

    The sale would increase the government-controlled share of Russia's oil output to half and boost Vladimir Putin's control of natural resources just weeks after his return to the presidency.