* BP denies plan to sell down stake
* AAR suspects negotiating tactic - sources
* AAR could revive launch against BP - sources
(Recasts lead, adds detail, quotes, background)
By Tom Bergin & Melissa Akin
LONDON/MOSCOW, June 7 BP Plc (BP.L) said it had
no plans to sell down its half-share in Russia's third-largest
oil producer TNK-BP TNBP.MM, denying comments from sources
close to its partners that it threatened such a move.
BP said its focus in Russia was on developing TNK-BP, and
denied it was preparing to reduce its interest.
"BP has taken no decision to sell any of its shareholding in
TNK-BP, and there is no current intention to do so," a spokesman
Sources close to AAR, a group of Soviet-born billionaires
that owns 50 percent of TNK-BP, said BP executives had indicated
on Monday that it was ready to sell down its stake.
AAR interpreted the comments as a possible negotiating
tactic to advance BP's hopes for a tie-up with
Kremlin-controlled Rosneft (ROSN.MM), the sources said.
BP signed a $16 billion share swap and Arctic exploration
deal with Rosneft in January, but AAR blocked the deal in court
on the basis the TNK-BP shareholder agreement obliged BP to use
TNK-BP as its primary vehicle for investment in Russia.
The deal was supposed to mark a turning point for BP after
the Gulf of Mexico oil spill in 2010.
Sources close to BP and AAR said that as part of the talks
to allow the Rosneft tie-up to proceed, BP last month told AAR
it could sell part of its stake in TNK-BP to Rosneft if AAR did
not lift its opposition to the tie-up.
Such a move could negate the TNK-BP shareholder agreement,
thus removing a bar on BP partnering with Rosneft, sources close
to both sides said.
AAR fears that if Rosneft gained a foothold in TNK-BP, AAR's
effective control of the company would be challenged.
"AAR would be deeply, deeply unhappy with it," one source
close to the billionaires said, adding that if BP did this, AAR
could revive litigation which it put on hold when BP abandoned
the Rosneft deal last month.
"The threat of litigation is very, very real. The whole
thing would be a huge mess," the source added.
TNK-BP, headed by Mikhail Fridman, also the leading figure
in AAR, threatened to sue BP for $10 billion in damages for not
trying to execute the Rosneft deal through it.
Analysts said they doubted BP wanted to exit TNK-BP.
"We find it unlikely that BP would sacrifice half of its
very lucrative stake in the Russian company with one of the best
oil greenfield portfolios in the country and significant gas
upside in order to pursue a distant Arctic opportunity with
Rosneft," Troika Dialog said in a market comment.
After the Rosneft deal collapsed, BP said it remained in
talks with the state-backed energy group about partnerships.
BP remained eager to work with Rosneft. It was "noticeable
how hard BP is fighting one way or the other to continue
strategic co-operation with Rosneft", Russian Energy Minister
Sergei Shmatko told reporters in Moscow on Tuesday.
(Additional reporting by Gleb Bryanski; Editing by Will