A joint venture between BP and a group of Russian billionaires, represented by the Alfa-Access-Renova consortium, TNK-BP is currently recognised as the country’s third-largest oil producer in terms of reserves and crude oil production. BP’s stake in TNK-BP is believed to be worth between $25 billion and $28 billion. It is thought that, as part of any deal, BP would receive a stake of up to 20 percent in Rosneft.
A tie-up with Rosneft would keep BP in Russia so that it can continue to explore and exploit the country's vast energy resources. Meanwhile, the purchase of BP's TNK-BP stake would make Rosneft the world's biggest publicly-traded oil company.
