SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    Form 6-K

                            Report of Foreign Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


                      for the period ended 16 January 2004


                                    BP p.l.c.
                 (Translation of registrant's name into English)


                 1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
                    (Address of principal executive offices)


     Indicate  by check mark  whether the  registrant  files or will file annual
     reports under cover Form 20-F or Form 40-F.


              Form 20-F        |X|          Form 40-F
                         ---------------               ----------------


     Indicate by check mark whether the registrant by furnishing the information
     contained in this Form is also thereby  furnishing  the  information to the
     Commission  pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
     1934.


                    Yes                            No        |X|
                         ---------------               ----------------



January 16, 2004


                     BP AND AAR CLOSE SLAVNEFT TRANSACTION


BP today announced that it has completed the deal to include Alfa Group and
Access-Renova's (AAR's) 50 per cent interest in Slavneft into TNK-BP. Completion
of the Slavneft transaction follows receipt of regulatory approvals, including
clearance from the European Union.

BP said it has paid some $1.4 billion in cash to AAR. This includes interest
charges covering the period from when the transaction became effective on May 1,
2003.

TNK-BP and Sibneft, the other main owner of Slavneft, will continue to work
together to finalise an agreement to split the main assets of Slavneft between
them.


Further enquiries:

BP press office, London, tel: +44 (0)20 7496 4076/5256/4708/4324/4827


                                    - ENDS -





                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                         BP p.l.c.
                                        (Registrant)



Dated: 16 January 2004                            /s/ D. J. PEARL
                                                  ..............................
                                                  D. J. PEARL
                                                  Deputy Company Secretary