BP confirmed Monday it is in talks to unload most of its assets in Russia.
HONG KONG (CNNMoney) -- BP is closing in on a deal that would result in the sale of most of its Russia-based assets to Rosneft, a state-owned oil and gas company with close ties to the government of Vladimir Putin.
BP said Monday it was in "advanced discussions" regarding the sale of its 50% stake in TNK-BP, and named Rosneft as the potential buyer.
The TNK-BP partnership has been a lucrative one for BP. But the relationship has been difficult at times. BP's Russian offices have been raided frequently, and TNK has in the past blocked BP from doing business with Rosneft.
Completing the sale would help simplify BP's (BP) operations in Russia, a country in which the central government increasingly exerts influence in the oil and gas industry. BP would likely receive a stake in Rosneft, and possibly a board seat.
The sale also fits broadly into the strategy pursued by BP CEO Bob Dudley in the wake of the Deepwater Horizon spill disaster in the Gulf of Mexico. The company has been unloading assets, including the sale of $7 billion in oil and gas assets to oil firm Apache.
Related: Why its Russian mess should not surprise BP
While no final agreement has been announced, the New York Times reported Sunday that BP's board has approved the sale to Rosneft, and has provided BP CEO Robert Dudley with negotiating parameters.
U.S.-listed shares of London-based BP increased 3% in recent days as rumors about the deal circulated in the media and on trading floors. 
First Published: October 22, 2012: 3:50 AM ET
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