BP says to continue Rosneft talks after deal lapses
British energy giant BP said on Tuesday that it will continue talks with Rosneft after the lapse of its Arctic exploration and share-swap deal with the Russian state oil giant.
BP issued a statement with the Russian shareholders in its joint venture in Russia, TNK-BP. Those shareholders -- known as Alfa Access Renova (AAR) -- had obtained a court injunction against the Rosneft deal, claiming it violated their TNK-BP agreement.
Across in Moscow, however, it emerged on Tuesday that Rosneft has pulled out of the BP deal and will look for new partners in Arctic oil exploration, Interfax quoted a source close to the company as saying.
"BP and 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)," they said in a joint statement.
"In recent months, BP has conducted detailed negotiations with AAR and Rosneft to seek a reasonable and businesslike solution that would allow the agreements to proceed to the satisfaction of all parties.
"Such a solution has not been found at this time, although talks will continue."
The historic Arctic deal agreement signed in January was hailed as a breakthrough for foreign investment in Russia and also a comeback for BP after the fiasco of the 2010 Gulf of Mexico oil spill disaster.
© 2011 AFP