The Russian Government has set out a minimum price for the sale of a 19.5% stake in oil giant Rosneft.
The government said the sale of the shares should raise at least 710billion rubles (£8.97billion), a 5% reduction on the market valuation given a month ago.
It said in a website statement that the sale had to be completed by December 5 and that the proceeds of the placing should be transfered to state coffers by December 31.
BP is Rosneft’s biggest minority shareholder with 19.75%. The Russian Government owns just under 70% of the company.