BP has announced that it will attempt to sell its stake in the TNK-BP Russian oil joint company.
The move would take BP out of a venture that provides 29 per cent of its production, and which brought BP $3.7bn last year. BP said the sale had been prompted by "unsolicited indications of interest" in its stake.
BP said in a statement:
"BP announced today that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP.
"In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale.
"There can be no guarantee that any transaction will take place."
The news comes hot on the heels of the resignation of TNK-BP chief executiver and major shareholders Mickhail Fridman. BP had had disagreements with him and with Alfa-Access-Renova (AAR) group, who together own the other 50 per cent. The relationship between the shareholders became strained after BP attempted to join with Rosneft last year, a move which was blocked by AAR.