Oil and Gas

BP near deal with Russian TNK-BP partners: source

LONDON (Reuters) - BP BP.L is close to a deal with its oligarch co-owners of TNK-BP that would see board changes at the Russian oil major and the departure of TNK-BP's BP-appointed chief executive and which could lead to an IPO of up to 20 percent of the venture, an industry source said on Thursday.

The industry source with knowledge of the situation said the two sides would likely sign a deal, possibly as early as Thursday, that would allow for the an initial public offering (IPO) of up to 20 percent of the shares of a specially created new company that would control all the assets of TNK-BP.

BP and its Russian and Russia-born billionaire partners have been locked in a battle for control of Russia’s third-largest oil producer for months.

Reporting by Tom Bergin; Editing by Quentin Bryar