BP Will Pursue Sale of Shares in Russian Venture TNK-BP

BP Plc will pursue a sale of its stake in Russia’s third-largest oil producer, unwinding a nine-year investment that provides about a quarter of the U.K. company’s crude output.

A TNK-BP sale, which analysts said could raise at least $30 billion, would be the biggest by Chief Executive Officer Bob Dudley following the U.S. oil spill in 2010 and dismantle BP’s landmark venture, the largest foreign investment in Russia’s oil industry. While the 50-50 venture has paid billions for BP, it also brought conflict with the Kremlin and billionaire partners.