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

Chris Justham: WPS - wrestlemania portfolio solutions

Chris Justham: WPS - wrestlemania portfolio solutions

'There has been a not-so-quiet change to how communication is happening'

Chris Justham
clock 09 January 2025 • 4 min read
Gilt yields hit record highs as bond sell-off intensifies

Gilt yields hit record highs as bond sell-off intensifies

Yields on 30-year government gilts reach highest level since 1998

Jonathan Stapleton
clock 09 January 2025 • 1 min read
Advertising regulator bans investment platform's burning banknotes ads

Advertising regulator bans investment platform's burning banknotes ads

Wahed Invest ads appeared on Transport for London services

Jen Frost
clock 08 January 2025 • 4 min read