BP/Rosneft Arctic link in limbo

Offshore staff

LONDON – An arbitral tribunal has ruled that the interim injunction issued to halt BP's proposed transaction with Rosneft should continue. The action was brought by AAR, which is involved in BP’s other joint venture in Russia with TNK.

Earlier this year, BP and Rosneft announced plans to cooperate on exploration in the Russian Arctic, and to implement a share swap transaction.

BP said it would try to find a way to resolve the differences with AAR. It would also continue to honor the TNK-BP shareholders' agreement to which it is a party with AAR, and will respect the decision of the arbitrators.

BP added that TNK-BP remains its primary business vehicle in Russia, adding that it intends to continue with its exploration program with Rosneft offshore Sakhalin in eastern Russia.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...