BP rose on reports that the company and its Russian billionaire partners are in talks to sell their TNK- BP venture to OAO Rosneft.
The billionaires, represented by the AAR group, are seeking to sell their 50% holding to Rosneft for $28 billion, according to Bloomberg.
BP is also negotiating to sell at least some of its shares, an unnamed source told the news service.
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The British firm has had a turbulent relationship with its oligarch partners and the news sent shares up as high as 4.3% on Wednesday.
Russian Deputy Prime Minister Arkady Dvorkovich told reporters in Moscow earlier that an agreement of intent had indeed been signed between AAR and Rosneft.
However, any deal would need to be signed off by the Russian government and Dvorkovich said the companies were yet to approach politicians with such a request.
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