Updated at: 11/13/2012 7:35 AM
(AP) LONDON - British oil company BP and its Russian partner AAR say they have settled all disputes between them as both prepare to sell their stakes in their lucrative but contentious joint venture, TNK-BP.
Both have agreed to sell their positions to the Russian state-controlled oil company Rosneft.
BP noted Tuesday that the agreement ends its commitment to give AAR the right of first refusal to join any new ventures in Russia. That provision had killed BP’s earlier deal to join with Rosneft in exploring for undersea oil in the Arctic.
Neither side would comment on reports that some cash from BP helped to seal the peace pact.
"This agreement is a win-win for both parties," said AAR Chief Executive Stan Polovets.
(Copyright 2012 by The Associated Press. All Rights Reserved.)