Tuesday, May 17, 2011

BP's Arctic oil deal with Rosneft collapses May 18, 2011

BP's plan to gain a foothold in Russia's offshore Arctic oilfields through a deal with state-controlled Rosneft has collapsed, opening the way for other oil groups to try to fill its place.work of the TNK-BP Shareholder Agreement, and we plan to continue discussions about potential collaboration among BP, Rosneft and AAR," Fridman said.

BP shares were up 1.1 percent at 443 pence at 1136 GMT, while Rosneft was down 0.8 percent at 228 roubles.