Statement by OJSC Rosneft Oil Company
On January 14, 2011 OAO Rosneft and BP signed an agreement on a joint venture for the development of the Russian Arctic shelf based on licensed areas, “East Prinovozemelsky 1-2-3, sharing a 9.5% stake in Rosneft for 5.0% of the shares of BP and the formation of a global strategic alliance between OAO Rosneft and BP. Duration of the agreement on exchange of shares between OAO Rosneft and BP was installed April 14, 2011
Due to the corporate dispute between British and Cypriot shareholders of TNK-BP, which has arisen through no fault of OAO Rosneft circumstances, and due to the prohibition of the Stockholm court on the transaction for OAO Rosneft to complete negotiations on closing the deal, the deal went for renewal until May 16, 2011.
As a result of the negotiation process between AAR and BP, Rosneft received proposals that go beyond the previously concluded agreements with BP, the design of which does not require the extension of the agreement, which expired May 16, 2011 The proposals make it possible to discuss further cooperation beyond the already ceased of the agreement.
In considering such proposals, OAO Rosneft will primarily be guided by compliance with the interests of its shareholders and the need to fulfill obligations under the license agreements on the Arctic shelf, where the company continues to be active.
On his program to develop fields located on the Arctic shelf, OAO Rosneft will provide more information shortly.
Source www.rosneft.com
