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BP near deal with Russian partners

BP is close to a deal with its oligarch co-owners of TNK-BP that would see board changes at the Russian oil major and the departure of TNK-BP's BP-appointed chief executive and which could lead to an IPO of up to 20% of the venture, an industry source said..

The industry source with knowledge of the situation said the two sides would likely sign a deal, possibly as early as Thursday, that would allow for the an initial public offering (IPO) of up to 20% of the shares of a specially created new company that would control all the assets