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Tuesday, June 7, 2011

BP plans to sell half of TNK-BP stake- WSJ, (BP), (TNBP), (ROSN)

BP Plc (BP.L) is preparing to sell half of its 50 percent stake in Russia's third-largest oil producer TNK-BP (TNBP.MM) to state-controlled Rosneft (ROSN.MM), the Wall Street Journal reported on Tuesday. The move represents an attempt to salvage a planned tie-up between BP and Rosneft, announced in January, and could be a negotiating tactic with AAR, the group of billionaires which own the other half of TNK-BP, the Journal reported. AAR blocked the planned $16 billion share swap and an Arctic exploration deal between BP and Rosneft in the courts. BP was not immediately available for comment.