BP’s Putin Meeting Signals Exploration Deal With Rosneft

BP Plc talks with President Vladimir Putin indicate that the U.K. oil company may gain access to Russia’s Arctic fields as part of a deal to sell half of its TNK-BP venture to OAO Rosneft.

BP Chief Executive Officer Bob Dudley yesterday spoke to Russian President Vladimir Putin and Rosneft CEO Igor Sechin about building cooperation with Russian partners, a Kremlin spokesman said. Rosneft has asked banks for as much as $15 billion to finance the purchase of BP’s half of TNK-BP, Russia’s third-largest oil company, according to a person with direct knowledge of the deal.