LONDON: Former BP Chief Executive Tony Hayward is considering a bid for major Russian oil firms Bashneft and Russneft to create an industry powerhouse, Sky News reported at the weekend.

Both are part-owned by billionaire Vladimir Yevtushenkov's holding company AFK Sistema, and Hayward could combine both Sistema stakes in an 8 billion pound ($13 billion) deal.

He could also focus solely on Bashneft, which has a market value of $11 billion, the report said.

Hayward's investment vehicle Vallares raised 1.35 billion pounds from investors last month to target emerging market oil assets.

The Sunday Times said on July 10 that Vallares was in early stage talks to acquire Genel Enerji, the biggest oil producer in northern Iraq.

Copyright Reuters, 2011