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BP confirms talks with Russia’s Rosneft

Oil giant BP said it was in discussions with state-run Russian firm Rosneft over a “possible arrangement”, amid reports of a share swap deal and ahead of a London press conference later Friday.

“Following recent press speculation, BP confirms that it is in discussions with Rosneft relating to a possible arrangement. A further announcement is to be made later today,” BP said in a statement.

A spokesman declined to elaborate.

BP Chief Executive Bob Dudley was due to hold a press conference in London at 9pm (2100 GMT), an earlier BP statement said, adding: “No information about the content of the event will be given in advance.”

Sky News reported that Rosneft would take a stake in the British company under a share swap deal.