You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

BP may have struck deal to be rid of TNK

Swap for Rosneft keeps presence in Russian market

MOSCOW — BP’s board has approved an offer from the Russian state oil company, Rosneft, to buy most of BP’s business in Russia for cash and shares in Rosneft, further consolidating Russia’s control of its oil industry, an executive with knowledge of the decision said.

Under the terms of the deal, BP would remain in Russia but — initially at least — only as a minority investor in an oil company controlled by the government of President Vladimir Putin. Later, BP is hoping to use this new strategic tie with the Kremlin to drum up other business.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week