BP in a wrangle on Rosneft deal

BP was on collision course with its Russian partners again today as the firm readied $15 billion (£9.1 billion) plans to sell half its stake in the TNK-BP joint venture to state-owned behemoth Rosneft.

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.