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BP unlikely to buy stake in Rosneft-sources

Written by: Staff

LONDON, July 3 (Reuters) Oil giant BP Plc. is unlikely to take up an offer to buy a minority stake in Russian oil company Rosneft because the move lacks strategic appeal and carries too much reputational risk, sources close to the situation said on Monday.

Rosneft has asked a number of international oil companies to buy into the flotation, which plans to raise billion, to help ensure its success, sources said last week.

However, BP has no current plans to participate.

''I wouldn't expect any news,'' one source familiar with the situation said.

''There are no active negotiations that I am aware of,'' said another source who is involved in the flotation.

BP and Rosneft declined to comment.


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