MOSCOW —BP’s board has approved an offer from the Russian state oil
company, Rosneft, to buy most of BP’s business in Russia for cash and
shares in Rosneft, further consolidating Russia’s control of its oil
industry, an executive with knowledge of the decision said.
Under the terms of the deal, BP would remain in Russia but — initially
at least — only as a minority investor in an oil company controlled by
the government of President Vladimir V. Putin. Later, BP is hoping to
use this new strategic tie with the Kremlin to drum up other business.
