BP, Rosneft Extend Deadline for Share Swap
BP has agreed with Rosneft to extend the deadline for completing the share swap agreement (previously announced on January 14) to May 16, 2011. The agreement between the two companies followed the April 8, decision of the arbitral tribunal to allow them to discuss extension of the deadline. This means that the share swap agreement will now not terminate on April 14, 2011.
The share swap agreement, between BP and Rosneft, together with the related Arctic Opportunity, were originally announced on January 14, 2011. Both the share swap agreement and the Arctic Opportunity remain subject to an interim injunction.
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 program, which should ensure its success for decades to come. BP also owns a 1.3% interest in Rosneft and has been exploring offshore Sakhalin for over a decade and engaging in Arctic studies.
Operates 32 Offshore Rigs
- BP Returns To Solar With Investment In Lightsource (Dec 15)
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
Company: Rosneft more info
- Russia's Rosneft Signs Oil Supply Deal With Greece's Motor Oil (Nov 20)
- Eni Looks To Strengthen Ties With Rosneft, Maybe In LNG (Oct 19)
- Kremlin Oil Major Piles Up Investments In Iraq's Kurdistan Amid Crisis (Oct 18)