Russians freeze BP’s $16bn deal

first_img Show Comments ▼ whatsapp whatsapp OIL giant BP has been forced to halt work on its historic venture with Rosneft, after its billionaire Russian partners won an injunction. Four Russian oligarchs, using the name AAR, convinced the High Court to stall BP and Rosneft’s plan to swap $16bn (£10bn) worth of shares and drill in the Arctic until 25 February. BP had already scheduled fast-track arbitration with AAR in Sweden in an attempt to smooth relations with the Russians, who claim the Rosneft deal breaches their right to first refusal in BP’s operations in the country through their 50 per cent stake in TNK-BP. BP claims it honoured its deal with TNK-BP and AAR, but they did not wish to take part in Arctic exploration.BP chief executive Bob Dudley said he hoped for a business-like resolution Russians freeze BP’s $16bn deal More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgcenter_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Tuesday 1 February 2011 9:29 pm KCS-content Tags: NULLlast_img