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    BP not to sell its Rosneft stake- BP head

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    BP has not sold its 1.4% stake in Russia's largest oil company Rosneft and is not planning to do so, head of BP's Russian operations David Peattie said on Friday

    BP has not sold its 1.4% stake in Russia's largest oil company Rosneft and is not planning to do so, head of BP's Russian operations David Peattie said on Friday.

    "BP has not sold (the stake)... and we are not planning to sell," Peattie told reporters on the sidelines of the St.Petersburg International Economic Forum.

    BP, influenced by the U.S. government, agreed to establish an independent fund worth $20 billion aimed at compensating the damage caused by an oil spill from a BP offshore drilling rig in the Gulf of Mexico. The company has said it will sell $10 billion worth of assets and will not pay dividends to raise money for the fund.

    BP purchased the shares issued under Rosneft’s IPO in July 2006 for $1 billion.

    ST.PETERSBURG, June 18 (RIA Novosti)

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