Former chief executive of British Petroleum Tony Hayward is to leave the board of TNK-BP following the announcement that his investment vehicle Vallares PLC will merge with Turkey's Genel Energy International Ltd, The Sunday Telegraph reported, citing unnamed sources close to Hayward.

Hayward is expected to inform BP of his decision in coming weeks, the newspaper said. Hayward feels that he no longer has the time to devote to TNK-BP, The Sunday Telegraph cited sources close to Hayward as saying.

BP co-owns TNK-BP with AAR, a holding company fun by four Russian oligarchs led by Mikhail Fridman.

Newspaper: www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

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