According to several reports, BP might consider selling its 50 per cent stake in TNK-BP to state-controlled Russian energy giant, OAO Rosneft.

The heads of both the companies are expected to meet in London today to discuss the deal. It is believed that Rosneft might offer $28billion. Reports indicated that Rosneft will offer a mix of cash and shares for the stake and that it already has an understanding with BP's billionaire partners.

Moscow, June 1 - Russia's largest state-controlled oil company Rosneft will purchase 68.3 billion rubles ($2 billion) worth of shares from its minority shareholders.

The buy-back involves Rosneft's minority shareholders opposed to planned changes in an oil supply contract with China.

"A total of 322 million shares worth 68.3 billion rubles were submitted for the buy-back, which represents just a little more than half of the total volume of shares permitted for buy-back under the federal law on joint stock companies," Rosneft said.