TNK edge closer to Amazon deal

The Anglo-Russian oil firm TNK-BP is close to agreeing a $1bn (£621m) deal to buy a 45 per cent stake in Amazon oil exploration blocks from Brazil's HRT Participacoes.

The deal, expected to be signed early next week, would be the largest foreign investment by Russia's No 3 oil firm, a 50-50 joint venture between BP and a quartet of Soviet-born billionaires. It would be the third significant deal for the venture outside Russia.