Saturday, May 7, 2011

BP Gets Russian Reprieve

Saturday, May 7, 2011

BP PLC can go ahead with its troubled $16 billion Arctic exploration and share swap deal with Russia's state oil company, but only if it pursues it through its existing Russian joint venture TNK-BP, a panel of independent arbitrators ruled Friday.

The decision offers a way out of an impasse that had cast a pall over BP and hobbled the efforts of its new chief executive Bob Dudley to restore the company's fortunes after last year's disastrous Gulf of Mexico oil spill. It potentially allows BP to proceed with its proposed share swap with Russia's oil giant OAO Rosneft, subject ...

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