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BP in a wrangle on Rosneft deal
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07 June 2011
The oil major is said to have told AAR, the consortium of billionaire oligarchs which owns the other half of TNK-BP, it is ready to give formal notice of its intention to sell.
Relations have soured since AAR scuppered BP's planned tie-up with Rosneft to explore oil rich Arctic waters this year.
BP first threatened to sell part of its stake at the beginning of May, before unsuccessful attempts to find a compromise by buying out AAR's share of TNK-BP.
AAR has first refusal over any sale and it is understood it would fiercely resist a sale to Rosneft.
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