Publication Date:
Sat, 2011-05-07 00:46
A parallel $18 billion share swap deal between the British oil company and Russia’s state-controlled oil group Rosneft can now go ahead, the TNK-BP partners said in a joint statement, citing a decision by an arbitration panel.
Both moves are subject to the agreement of Rosneft.
Rosneft declined to comment, but the Russian billionaires that own the other half of TNK-BP expressed their satisfaction.
“We welcome today’s developments,” said Stan Polovets, chief executive of Alfa-Access-Renova (AAR), the consortium that represents the quartet of billionaire shareholders.
AAR had objected to the BP-Rosneft deal, saying that they had exclusivity on BP’s Russian exploits and has sought redress through legal challenges.
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