BP in talks over sale of oil projects to TNK-BP

LONDON, July 29 (Reuters) - BP (BP.L) is in talks with its Russian venture TNK-BP TNBPI.RTS over the sale of a $1 billion package of oil projects in Venezuela, the Times newspaper said on Thursday.

The newspaper said, without citing sources, that the talks revolve around BP's minority stakes in two exploration and production joint ventures in Venezuela with Petroleos de Venezuela, the country's state-owned oil producer.

A BP spokesman dismissed the report as "rumours and speculation."

Morgan Stanley (MS.N) and Royal Bank of Scotland (RBS.L) are thought to be involved in the discussions with TNK-BP, the Times said, adding that no announcement is expected imminently and rival bidders could emerge for the assets.

BP's outgoing chief Tony Hayward told the Times on Tuesday that TNK-BP "may well be looking" to acquire some of BP's assets as part of a disposal programme, but did not give details. (Reporting by Karolina Tagaris; editing by Dhara Ranasinghe)