BP expects to remain partners with the Alfa-Access-Renova group of Russian tycoons for many years in spite of the bitter row over their TNK-BP joint venture.
Its acknowledgement, coming as the two sides signed a memorandum of understanding to bring their dispute to a close, indicates it has for the time being given up on hopes of linking up with Gazprom or Rosneft, the state-backed energy groups.
The agreement, which preserves the 50/50 ownership of the joint venture, opens the way to a float of 20 per cent of the company but an initial public offering is not expected until 2010 at the earliest.
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