BP to pursue sale of TNK-BP stake

BP has announced that it is going to try to sell its stake in the TNK-BP Russian oil joint venture.

In a short statement, the oil company said it had received "unsolicited indications of interest" in acquiring its shares. TNK-BP is a joint venture between BP and Alfa-Access-Renova (AAR), a group of Russian billionaires.

Relations between the shareholders have been particularly strained since BP had to abandon plans to form another joint venture with rival Russian oil firm Rosneft last year after AAR launched a legal challenge. Earlier in the week one of the billionaire owners of AAR, Mikhail Fridman, announced he would be stepping down as TNK-BP's chief executive in 30 days "for personal reasons".

Daniel Sandford reports from Moscow.