BP is ready to buy into Rosneft

Oil giant BP yesterday said it was ready to invest in state-owned Russian rival Rosneft if the British firm sold its 50 per cent stake in troubled joint venture TNK-BP.

A BP spokesman said the firm was "considering further investment in Russia regardless of who we sell our stake to". He added: "If we are successful in selling our stake in TNK-BP, we would be interested in investing some of the proceeds in shares in Rosneft."