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Russian consortium AAR has agreed to outline a deal to sell its stake in TNK-BP to oil giant Rosneft for about $28bn.

The group, which includes billionaire businessmen Len Blavatnik, Mikhail Fridman, German Khan and Viktor Vekselberg, owns a 50% interest in the joint venture company, while BP owns the remaining stake.

Sources close to BP said any deal between AAR and Rosneft would not influence BP’s decision to sell its stake in the joint venture, reports Sky News.

In September, it was reported that the UK company was close to cutting ties with the group, which has been riddled with conflict for the last ten years.

Under the terms of the deal, BP would take a 12.5% stake in Rosneft worth $10bn, plus $15bn in cash.

Despite AAR selling its shares in TNK-BP, the company can still go head to head with Rosneft to bid for BP’s share in the joint venture. AAR has exclusive rights to make an offer by mid-October, or 90 days after BP put the stake up for sale.

Rosneft won support from international banks for a $15bn loan, which is expected to cover more than half of an offer for BP’s stake in TNK-BP.

Image: AAR and BP each own a 50% stake in TNK-BP.