BP, Rosneft still pursuing Arctic alliance

Offshore staff

MOSCOW -- Rosneft has agreed to BP’s request to extend the deadline for the companies’ share swap agreement by one month, pending the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce.

This follows an injunction blocking the transaction from shareholders in BP’s existing joint venture company in Russia, TNK-BP.

Rosneft President Eduard Khudaynatov said his company would “continue to implement the strategically important projects related to the development of the Russian Arctic offshore.

“We hope to see the dispute over the Russian Arctic offshore projects between TNK-BP’s Russian and British shareholders soon resolved in the international tribunals”, he said.

04/15/2011

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