BP Plc is preparing to sell half of its 50 percent stake in Russia's third-largest oil producer TNK-BP to state-controlled Rosneft, 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.