BP is running out of options. Its plans for a cooperation pact with Russia’s Rosneft was on Friday blocked for a second time by a legal challenge from its Russian partners in its existing Russian joint venture, TNK-BP.
While the international tribunal has still to give a definitive ruling on a key element of the accord – a $16bn share swap – its temporary injunctions could now have a permanent effect on BP’s ability to close the deal. The Russian TNK-BP partners headed by oligarch Mikhail Fridman are winning in their effort to block the ambitious venture.
As beyondbrics has reported, the Stockholm tribunal – which is actually three Brits meeting in London – ruled on Friday that a temporary injunction blocking the share swap should remain in place.