BP sells TNK-BP stake to Russia's Rosneft

Oil giant BP has agreed to sell its 50% stake in TNK-BP to Russia's Rosneft in return for cash and shares.

The UK firm will get $17.1bn (£10.7bn) cash and a 12.84% stake in Rosneft, enabling BP to continue to share in Russia's vast energy resources.

Alexis Flynn, energy reporter for Dow Jones, says BP could be out of the frying pan into the fire.