Rosneft to buy BP venture?

Investor's Business Daily

Russia's state oil company is nearing a deal with BP (BP) to buy its half of the privately held TNK-BP joint venture. Four Russian tycoons have already OK'd selling the other half in return for minority stakes in Rosneft. The deal would boost Rosneft's production to more than 4 mil barrels of oil and gas a day. BP shares rose 2.9% to 43.54.

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