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British Petroleum (BP) is bidding for a stake in Russian state-controlled Rosneft, as it seeks to tap the large Russian oil and gas industry, Reuters reported.
Rosneft CEO Igor Sechin said that BP CEO Bob Dudley and Chairman Carl-Henric Svanberg have put the buyout proposal to Russian President Vladimir Putin.
The deal, if sealed, would see Rosneft take BP's stake in the USD60 billion TNK-BP joint venture which BP wants to get rid of.
Last year, TNK-BP blocked a deal that would have seen BP and Rosneft explore for oil in the Arctic.
http://www.menafn.com/menafn/1093562228/BP-approaches-Putin-to-buy-stake-Rosneft