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.

The acquisition will allow Rosneft to extend its presence in the world's largest oil and gas industry while a stake in Rosneft will allow BP to maintain a presence in the Russian market. BP has faced several problems with its fellow investors relating to matters in the venture but the company has also generated billions of dollars in profits.

Complete ownership of TNK-BP will allow Rosneft to increase production to 4.5 million barrels a day. The BP billionaires represented by AAR, are demanding $28 billion for their half of TNK-BP, according to reports. This means that Rosneft bid for the whole company will be valued at $56 billion, which will be the biggest deal since Exxon Corp. bought Mobil Corp. in 1999. The deal will be the biggest ever for the Russian energy market.