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| TNK-BP blocks BP Russian Arctic venture with Rosneft | TNK-BP blocks BP Russian Arctic venture with Rosneft |
| (40 minutes later) | |
| Russian shareholders of TNK-BP have blocked BP's Arctic exploration deal with state-owned Rosneft. | |
| "We won," said a spokesman for the oil joint venture's Russian shareholders. | "We won," said a spokesman for the oil joint venture's Russian shareholders. |
| An arbitration panel in Sweden has seemingly agreed that the Arctic deal violated a previous agreement between them and BP when they set up TNK-BP. | An arbitration panel in Sweden has seemingly agreed that the Arctic deal violated a previous agreement between them and BP when they set up TNK-BP. |
| BP said it was disappointed at the decision, and hoped it could still go ahead with a share swap agreed with Rosneft as part of the deal. | |
| "BP looks forward to finding a way to resolve its differences with its Russian partners to allow these important Arctic developments to proceed in future," said the UK oil firm in a statement on the arbitration panel's decision. | |
| 'Strategic alliance' | |
| The oil giant signed the controversial new deal with its Russian state-owned counterpart in January, in order to exploit potentially huge deposits of oil and gas in Russia's Arctic shelf. | |
| But TNK-BP's Russian shareholders claimed BP broke an agreement to inform them of any other Russian oil business deals. | But TNK-BP's Russian shareholders claimed BP broke an agreement to inform them of any other Russian oil business deals. |
| The "strategic global alliance" with Rosneft would have seen the UK and Russian firms exchange expertise in exploring the region. | The "strategic global alliance" with Rosneft would have seen the UK and Russian firms exchange expertise in exploring the region. |
| As part of the deal, the pair had agreed that Rosneft would take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares. | As part of the deal, the pair had agreed that Rosneft would take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares. |
| It is this share exchange that is said to have particularly upset TNK-BP's Russian shareholders. | It is this share exchange that is said to have particularly upset TNK-BP's Russian shareholders. |
| The Alfa-Access-Renova consortium, which represents the Russian shareholders, won a High Court injunction in London last month that put the BP-Rosneft deal on hold until the dispute could be resolved by arbitration. | The Alfa-Access-Renova consortium, which represents the Russian shareholders, won a High Court injunction in London last month that put the BP-Rosneft deal on hold until the dispute could be resolved by arbitration. |
| It was hoped that the joint venture might be given a role in the Arctic exploration deal, but TNK-BP's shareholders failed to agree on this. | It was hoped that the joint venture might be given a role in the Arctic exploration deal, but TNK-BP's shareholders failed to agree on this. |
| The arbitration panel has now ruled that the temporary injunction "should continue" according to BP. |