BP has agreed a deal worth more than 27 billion US dollars in a move that will see it take a stake in the world’s largest publicly listed oil producer, Belfast Telegraph reported.
The oil giant’s board is understood to have unanimously approved a plan to sell its 50% stake in its troubled TNK-BP joint venture to Rosneft, in return for cash and shares in the State-backed Russian energy firm.
The final details of the deal are still being thrashed out ahead of an announcement possibly as soon as Monday, October 22 but it is thought BP will receive up to 13 billion US dollars and take a stake of between 15% to 20% in Rosneft.
Rosneft would become the world’s biggest publicly traded oil company after the deal, with daily crude output of more than three million barrels.
It would also end years of wrangling over BP’s Russian joint venture, which is owned with partners Alfa-Access-Renova (AAR).