BP has confirmed it will begin negotiations with Russian state-controlled oil giant Rosneft for the potential purchase of the former's stake in TNK-BP.

Rosneft said that it has informed BP of its interest in a potential acquisition of the interest and the parties agreed to open talks on the sale.

BP said it has confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith through the Alfa Access-Renova (AAR) consortium, TNK-BP’s partners.

BP and Rosneft also revealed that they have signed a non-disclosure agreement.

On July 19, AAR commenced negotiations with BP on acquiring part or all of UK energy group’s 50% stake in TNK-BP.

As required by the TNK-BP shareholder agreement, BP should give AAR the first opportunity to purchase the stake before offering it to other parties.

BP said there can be no guarantee that any transaction between Rosneft and BP over TNK-BP will take place.