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BP to continue Rosneft talks after deadline expires | BP to continue Rosneft talks after deadline expires |
(40 minutes later) | |
BP has said that it will continue talking with Russian oil giant Rosneft over a share swap, after a deadline for the deal expired at midnight. | BP has said that it will continue talking with Russian oil giant Rosneft over a share swap, after a deadline for the deal expired at midnight. |
Together with its existing Russian partner AAR, BP said it would continue to try to find a way for the three parties to reach agreement. | Together with its existing Russian partner AAR, BP said it would continue to try to find a way for the three parties to reach agreement. |
AAR, which owns half of Russian joint venture TNK-BP, has blocked BP's proposed share swap with Rosneft. | AAR, which owns half of Russian joint venture TNK-BP, has blocked BP's proposed share swap with Rosneft. |
However, it said it saw "significant benefit" of co-operation with Rosneft. | However, it said it saw "significant benefit" of co-operation with Rosneft. |
The proposed deal between BP and state-owned Rosneft would give the UK oil giant access to the potentially lucrative oil reserves in the Russian arctic. | |
"In recent months, BP has conducted detailed negotiations with AAR and Rosneft to seek a reasonable and businesslike solution that would allow the agreements to proceed to the satisfaction of all parties," BP said. | "In recent months, BP has conducted detailed negotiations with AAR and Rosneft to seek a reasonable and businesslike solution that would allow the agreements to proceed to the satisfaction of all parties," BP said. |
"Such a solution has not been found at this time, although talks will continue." | "Such a solution has not been found at this time, although talks will continue." |
Mikhail Fridman, chairman of Alfa Group, the group of billionaires behind AAR, said: "AAR also sees significant benefit to developing co-operation with Rosneft within the framework of the TNK-BP shareholder agreement, and we plan to continue discussions about any potential collaboration among BP, Rosneft and AAR." | Mikhail Fridman, chairman of Alfa Group, the group of billionaires behind AAR, said: "AAR also sees significant benefit to developing co-operation with Rosneft within the framework of the TNK-BP shareholder agreement, and we plan to continue discussions about any potential collaboration among BP, Rosneft and AAR." |
Exclusivity agreement | |
The BP-Rosneft deal, signed in January, included the Russian state-owned company taking 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares. | |
But AAR said that the deal broke an existing exclusivity agreement between it and BP. | |
The AAR consortium won a High Court injunction in London in February. | |
It put the deal on hold until the dispute could be resolved by arbitration, and in March an arbitration panel upheld AAR's complaint. | |
Last week, arbitrators ruled that BP and Rosneft would be allowed to swap shares if the Arctic operations were carried out under TNK-BP, instead of BP itself. |
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