BP PLC, the oil and gas company, said Wednesday it is beginning the next stage in the process of selling its 50% stake in TNK-BP, a Russian oil company owned equally by BP and Alfa Access-Renova, after the latter company decided to exercise its right to enter a period of negotiation to purchase part or all of BP's stake.

MAIN FACTS:

-As a result, BP will tomorrow enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova as required by the TNK-BP shareholder agreement.

-BP is also able to and will enter into negotiations with other interested parties in parallel for the sale of its share in TNK-BP.

-No guarantee that a transaction will take place

-BP shares closed in London at 445 pence valuing the company at GBP84.7 billion.

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