BP wins more time for Russian deal
Oil giant BP has secured more time to salvage its £10 billion share-swap and exploration deal with Russian-government owned Rosneft.
The embattled supermajor extended today's deadline to complete the agreement following last-minute negotiations with Rosneft.
The deal hit a wall when major shareholders in BP's existing Russian partner, TNK-BP, raised concerns over the agreement and an independent tribunal in Stockholm imposed an injunction on the tie-up going ahead until it had gathered further evidence.
BP now has until May 16 to secure the deal, in one form or another, by which time the Swedish arbitrators should have made their final ruling.
The company said: "BP intends to continue with the arbitration process to obtain a final award on all outstanding issues, including whether or not the interim injunction should continue.
"BP remains fully committed to TNK-BP as its primary business vehicle in Russia and fully supports its strategy and investment programme, which should ensure its success for decades to come."
The deal - hailed by BP as "historic" and "groundbreaking" when it was unveiled in January - would have paved the way for BP and Rosneft to jointly explore the south Kara Sea in the Russian Arctic.
But last month the Stockholm tribunal extended its injunction on the whole deal to both the exploration and share-swap.
BP then requested for the share-swap to proceed alone but this was also blocked last week.
The injunction is a blow to new BP chief executive Bob Dudley's hopes of restoring the company's reputation and financial position in the wake of the Deepwater Horizon explosion in the Gulf of Mexico last April.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...