September 21, 2012 / 9:06 AM / in 5 years

BP has proposed buying Rosneft stake - Russia's Sechin

SOCHI, Russia, Sept 21 (Reuters) - BP has proposed buying a stake in Rosneft, after the British major offered to sell its shares in Anglo-Russian oil producer TNK-BP , Rosneft CEO Igor Sechin said on Friday.

Rosneft has been in negotiations to buy a stake in the TNK-BP joint venture which BP formed nearly a decade ago with a group of Russian tycoons called AAR to tap into the country’s vast energy reserves. In July, BP entered a 90-day period to talk to potential buyers including AAR and Rosneft.

A deal structure is not yet fully developed, said Sechin, a close ally of President Vladimir Putin, who was speaking at a conference in Sochi, Russia.

Sechin said there was no offer from AAR to sell its stake in TNK-BP but he would be willing to discuss a buyout of the AAR stake if an offer was made.

BP told Russian President Vladimir Putin that any proceeds of a sale in TNK-BP would be reinvested in Russian projects, including Rosneft itself, Sechin said. He added Rosneft has no plans itself to buy shares in BP.

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