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.