BP scrambles to salvage Rosneft deal

clock

BP is in last minute talks with Russian state oil firm Rosneft in attempt to salvage the proposed $16bn (£9.9bn) share swap deal before the midnight deadline tonight.

The oil giant had talks with Rosneft, as well as its partners in the TNK-BP joint venture, yesterday in Russia, to form a compromise among the three firms. One of the proposed solutions was a possible buy-out of Alfa-Access Renova, the company that BP's partners in the TNK-BP use to hold their share of the joint venture, according to the Financial Times. Earlier this month, a tribunal ruled BP's planned $16bn share swap deal with Rosneft could only go ahead if BP allowed TNK-BP to take its place in any partnership to explore the Arctic for oil, with Rosneft. However, the deal also ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Into the Spider-Verse we go: Chris Justham assesses Trump Mk II

Into the Spider-Verse we go: Chris Justham assesses Trump Mk II

'The cognitive dissonance when your beliefs don't add up cause very real pain'

Chris Justham
clock 04 April 2025 • 3 min read
Investors hold back on equity exodus as they brace for Trump's next move

Investors hold back on equity exodus as they brace for Trump's next move

UK equity funds suffer

Linus Uhlig
clock 03 April 2025 • 2 min read
Darius McDermott: Are we seeing the end of US exceptionalism?

Darius McDermott: Are we seeing the end of US exceptionalism?

The Euro Stoxx 50 Index is up 10.8% since the start of the year

Darius McDermott
clock 03 April 2025 • 5 min read