BP PLC shares rose to an eight-month high in New York after the company said it’s in talks with Russia’s OAO Rosneft about a possible arrangement.

BP Chief Executive Officer Bob Dudley is scheduled to hold a press conference at 9 p.m. London time.

BP’s American depositary receipts rose as much as $1.90, or 4 percent, to $49.44 in New York trading, the highest since May 6.

Dudley met with Russian Prime Minister Vladimir Putin in Moscow today. A deal would be Dudley’s biggest move since he took the helm in October, charged with rebuilding the company after the worst U.S. offshore oil spill.