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BP-Rosneft deal keeps UK firm active in Russia

22 October 2012 Last updated at 23:32 BST

Oil giant BP has agreed to sell its 50% stake in TNK-BP to the Russian state-owned energy company Rosneft in return for cash and shares.

BP will receive $17.1bn (£10.7bn) and an initial 12.84% stake in Rosneft, giving it continued access to Russia's energy sector and future exploration of the Arctic in search of oil and gas.

Hugh Pym reports.