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BP Offers Plan to Salvage Its Swap Deal with Rosneft
May. 06, 2011 04:02PM PST
Resource Investing News NY Times reports that on Friday, BP made a signicant concession in an attempt to salvage a share-swap agreement with Rosneft.
NY Times reports that on Friday, BP made a signicant concession in an attempt to salvage a share-swap agreement with Rosneft.
The market news is quoted as saying:
The partners had blocked BP’s $7.8 billion agreement with Rosneft, which included access to exploration blocks in Russia’s Arctic that might hold billions of barrels of oil. The partners argued that the deal breached their shareholder agreement with BP and demanded to be part of any new business in Russia.
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