It might not feel that way to Bob Dudley, the chief executive who spent five hours being questioned by Russian prosecutors yesterday, but it is just possible that the TNK-BP end-game is finally looming into sight.

After months of raids, rows, accusations and no-shows at meetings, Gazprom publicly acknowledged for the first time yesterday that it would be interested in taking a stake in the troubled Russian-British joint venture. Alexander Medvedev, its deputy chief executive, said that the Russian gas giant would consider investing in TNK-BP, once its shareholders had settled their dispute over control of the company, which is jointly owned by BP and a group of disgruntled Russian billionaires.

Some see the hand of the Kremlin behind the shareholders’ manoeuvrings. Others believe it is merely the oligarchs attempting to extract maximum value from their stakes by gaining control before selling out. On this reading, the outcome could be a test of President Medvedev’s promise to reinforce the rule of law.

Gazprom would be expected to take a majority stake, buying out the Russian shareholders’ 50 per cent and probably some of BP’s own stake as well.

While galling for BP, perhaps this might not be such a bad solution.

Much would depend, of course, on how much of its stake BP would have to give up.

But, these days, having Gazprom as your business partner is probably the closest thing to security a foreign investor in the Russian energy sector can get.

Times Recommends

• London plunges as banks pump in billions
• Iceland halts trading in six deposit-takers
• Balfour Beatty gives up £2.25m after SFO probe