The BP sale of its stake in TNK-BP to Russian oil company Rosneft is set for the green light as the Financial Times has revealed it has received ‘strong support’ from BP’s board.
The transaction is reportedly worth approximately $27bn.
It is reported that BP will sell its stake in TNK-BP for a mixture of both shares and cash.
Following the news, The Telegraph is reporting that investors in BP will be ‘pushing’ for a cash payout from any sale by BP due to the dividend stream that will be removed from the sale of TNK-BP.