BP expects to remain partners with the Alfa-Access-Renova group of Russian tycoons for many years in spite of the bitter row over their TNK-BP joint venture, the oil company said on Thursday.

Its acknowledgement, coming as the two sides signed a memorandum of understanding to bring their dispute to a close, indicates that BP has, for the time being, given up on hopes of linking up with Gazprom or Rosneft, the state-backed energy groups.