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 …
BP and AAR Reaffirm Commitment to Growth and Success of TNK-BP as Talks Continue with Rosneft Following Expiry of Agreement
BP and Alfa- Access- Renova (“AAR”) announced today that they would intensify their efforts to ensure TNK-BP’s continued success following the lapse of the BP-Rosneft share swap transaction (and the related Arctic exploration opportunity) originally announced on 14 January 2011. In recent months, BP has conducted detailed negotiations with AAR …
Arbitral Panel Permits Conditional Completion of BP-Rosneft Share Swap-Subject to Rosnefts Consent and Assignment of Arctic Opportunity to TNK-BP
The arbitral panel has today issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign the Arctic opportunity to TNK-BP, subject to Rosneft consent. The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic …
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 …
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 …