British oil company BP has not yet reached an agreement on the sale of its 50% stake in Anglo-Russian venture TNK-BP to Russia’s state owned oil major Rosneft.
"BP confirms it is in advanced discussions with Rosneft regarding the sale of its 50% interest in TNK-BP,” the company said in a statement. “No agreement has yet been reached. A further announcement will be made if and when an agreement is reached."Rosneft and BP are reportedly preparing to announce a deal worth over $25 billion on Monday, according to the sources familiar with the matter. Under the terms of the deal for its 50% share in TNK-BP, British Petroleum gets between $15 and 20 billion in cash and from 16 to 20% of Rosneft shares, it said.Earlier BP’s Board of Directors unanimously voted in support of the sale of company’s TNK-BP share to Rosneft, according to Kommersant Daily. The deal would make the Russian state-owned enterprise the world’s biggest listed oil company.