By GREGORY L. WHITE And GUY CHAZAN
BP PLC is back in last-ditch talks to buy out the Russian partners in its joint venture TNK-BP Ltd. in a multibillion-dollar deal that would salvage the U.K. oil giant’s efforts to reach a landmark Arctic alliance with Russian state oil company OAO Rosneft, according to people familiar with the situation.
The deal could be worth $30 billion or more, and, through a series of transactions with BP, it would give Rosneft the 50% stake in TNK-BP now owned by the billionaire partners. In turn, those partners would get cash and substantial stakes in both BP and Rosneft, according to these people.
Read more on http://online.wsj.com/