BP shares are higher on the London Stock Exchange this morning (October 18th), as the chance of BP being made an offer for its TNK-BP stake by Russian oil giant Rosneft grows more likely.
The BBC reports that BP is due to receive an offer worth $28 billion (£17 billion) for its stake in the joint venture.
Earlier in the week, the four Russian oligarchs who own the other half of TNK-BP through their firm AAR signed a document of understanding to sell off their stake to Rosneft at a later date.
The deal to buy BP's stake would make Rosneft the world's largest publically-traded oil company.
What remains to be seen is how much money would be offered in the deal and whether BP will end up with a ten or 20 per cent stake in Rosneft.
At 10:50 BST, BP's share price was higher by 0.8 per cent to 452.10p.
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