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BP Plans To Sell Stake In TNK-BP Russian Joint Venture

TNK-BP's outgoing chief executive Mikhail Fridman
British-based energy company BP says it is considering selling its 50-percent stake in its Russian joint venture.

TNK-BP, Russia's third-largest oil producer, is owned by BP and Alfa Access Renova (AAR), a consortium of Russian shareholders.

The company has been mired in a corporate dispute after AAR blocked BP's plans to form another joint venture with Russian oil company Rosneft.

Earlier this week, TNK-BP's chief executive, Mikhail Fridman, announced his resignation, reportedly for "personal reasons."

In a statement on June 1, BP said it has received "unsolicited indications of interest" for its share in TNK-BP and is intent on pursuing a potential sale.

BP did not mention a potential buyer.

AAR has previously indicated that it could be interested in raising its stake in TNK-BP.

Based on reporting by AP, AFP, and BBC