JPMorgan in exclusive talks on RBS Sempra -sources

LONDON/DUBAI Jan 20 (Reuters) - JPMorgan Chase (JPM.N)has entered exclusive talks to buy the RBS Sempra commodities joint venture, people familiar with the matter said on Wednesday, in a deal expected to be worth about $4 billion.

JPMorgan, Deutsche Bank (DBKGn.DE) and Australia's Macquarie (MQG.AX) had each submitted offers worth nearly $4 billion for the RBS Sempra unit by an early January deadline.

JPMorgan and Deutsche were seen as the front runners, but Deutsche Bank was no longer in the running, sources said.

Further details were not immediately known.

RBS Sempra is 51 percent owned by Royal Bank of Scotland (RBS.L), which has been forced by European regulators to sell its stake. Sempra Energy (SRE.N) is also set to sell its 49 percent stake in the deal.

(Reporting by Steve Slater and Luke Pachymuthu; additional reporting by Philipp Halstrick in Frankfurt)