BP puts new plans to Rosneft

Rosneft, the Russian state oil giant which walked away from an Arctic exploration pact with BP earlier this week, has received new proposals from the UK group. "These proposals make it possible to discuss our co-operation outside the agreements which have already expired," Rosneft said.

News of the overture came as the Russian President, Dmitry Medvedev, criticised the framing of the original pact, which was investors in BP's TNK-BP venture objected to, saying that it violated their shareholder agreement. "Those who prepared the deal should have paid closer attention to the nuances of the shareholder agreement," he said.