Rosneft accepts BP’s proposal to extend the deadline for the deal
BP has asked Rosneft to extend the deadline for the share swap agreement, pending the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce, and in order to implement the share swap transaction between Rosneft and BP. Without waiving any of its rights, the Russian oil company …
Rosneft Board of Directors recommends a 20% dividend increase, to RUB 2.76 per share
The Board of Directors of Rosneft convened in regular session to discuss issues relating to the Annual General Meeting of Company shareholders (on the results of 2010). The Board approved the following agenda topics: Approval of the annual report; Approval of annual financial statements, including profit and loss statements (profit …
BP and Rosneft Extend Share Swap Deadline
BP announced today that it has agreed with Rosneft to extend the deadline for completing the share swap agreement (previously announced on 14 January) to 16 May 2011. The agreement between the two companies followed the 8 April decision of the arbitral tribunal to allow them to discuss extension of …
Vladimir Milovidov Appointed Vice-President at Rosneft
Vladimir Milovidov, formerly head of Russia’s Federal Financial Markets Service (FFMS), has been appointed Vice-President at Rosneft. Mr. Milovidov will be responsible for innovation development and the introduction of new technologies in business processes. He will oversee the Department of Scientific and Technological Development and Innovation, which replaces the defunct …
Regular Meeting of the Rosneft Board of Directors
The Board of Directors of Rosneft convened. In attendance were: Igor Sechin – Deputy Prime Minister of the Russian Federation, Chairman of the Board of Directors of Rosneft; Yuri Petrov – Head of the Federal Agency for State Property Management; Nikolai Tokarev – President of Transneft; Andrei Reus – Director-General …
BP Rosneft share swap prohibited
BP announced today the arbitral tribunal has ruled that the interim injunction prohibiting closing of the share swap transaction with Rosneft will remain in place until further notice. However BP is now able to discuss the possibility of an extension of the April 14 deadline under which the share swap …
Production Output at the Vankor Field Reaches 20 Million Tonnes
The 20-millionth tone of crude oil was extracted from the depths of the Vankor oil field in Russia’s Krasnoyarsk region. Currently Vankor produces 39 thousand tons of crude oil per day. According to Vankorneft’s business plan, in 2011, production from the field will reach 14.8 million tons. This year, plans …
Rosneft Obtains License to Explore the Naulskoye Field in the Nenets Autonomous District
Rosneft acquired a license to explore the Naulsk oil field, located in the Nenets Autonomous District. The Company paid RUB 3.6 billion for the license at auction. It is assumed that OOO Severnaya Neft, a Rosenft subsidiary, will be the operator of the project. Severnaya Neft is already engaged in …
BP Remains Committed to Partner with Russia
BP announced today that an arbitral tribunal has ruled that the interim injunction issued to prevent BP’s proposed transaction with Rosneft, which includes Arctic exploration and a share swap transaction, from proceeding should continue. BP will now apply for a determination whether the share swap may proceed on its own. …
Russian Arctic Thaws with Rosneft-BP Deal
Mark Thomas Russia’s offshore arctic shelf has become one of the most scrutinized frontier oil and gas sectors in the world, thanks to the ground-breaking deal done between Rosneft and BP. But while most western observers have chosen to look at what the agreement means in terms of benefits for …