14:32 ET<\/span>
\n<\/span><\/p>\nRussian shareholders of TNK-BP say they have blocked BP’s Arctic exploration deal with state-owned Rosneft.<\/p>\n
“We won,” said a spokesman for the oil joint venture’s Russian shareholders.<\/p>\n
An arbitration panel in Sweden has seemingly agreed that the Arctic deal violated a previous agreement between them and BP when they set up TNK-BP.<\/p>\n
BP signed the controversial new deal with Rosneft in January to exploit potentially huge deposits of oil and gas in Russia’s Arctic shelf.<\/p>\n
But TNK-BP’s Russian shareholders claimed BP broke an agreement to inform them of any other Russian oil business deals.<\/p>\n
Share swap<\/span><\/p>\nThe “strategic global alliance” with Rosneft would have seen the UK and Russian firms exchange expertise in exploring the region.<\/p>\n
As part of the deal, the pair had agreed that Rosneft would take 5% of BP’s shares in exchange for approximately 9.5% of Rosneft’s shares.<\/p>\n
It is this share exchange that is said to have particularly upset TNK-BP’s Russian shareholders.<\/p>\n
The Alfa-Access-Renova consortium, which represents the Russian shareholders, won a High Court injunction in London last month that put the BP-Rosneft deal on hold until the dispute could be resolved by arbitration.<\/p>\n
It was hoped that the joint venture might be given a role in the Arctic exploration deal, but TNK-BP’s shareholders failed to agree on this.<\/p>\n<\/p><\/div>\n<\/p>\n
More here:
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