Interfax citing Mr Maxim Barsky deputy TNK-BP CEO as saying that the issue of taking parts the BP-Rosneft deal is for TNK-BP management a closed subject.

Mr Barsky said "The negotiation process is already over for us. TNK-BP had several meetings of the board of directors that discussed this issue, but, unfortunately, the board voted against our involvement. So for us, as for the company, that is a closed subject. And we will get on with our current operations."

As reported, the TNK-BP board of directors had voted against management's proposal that the company invest in the deal with Rosneft. The idea was not supported by BP representatives, though representatives of AAR and three independent TNK-BP directors voted in favor of it. Under a TNK-BP shareholders agreement, a decision is considered approved unanimously accepted.

Management proposed that TNK-BP replace BP in the deal with Rosneft, suggesting the possibility of the former buying up the latter's shares with an eye to later swapping them for Rosneft shares, as well as TNK-BP participation in a project in the Arctic.

(Sourced from Interfax)