Rosneft

Kiran Stacey

Thursday morning sees Bob Dudley’s first AGM as chief executive, and it is not the one he would have planned. Read more

At first glance, Igor Sechin’s abrupt departure as Rosneft chairman appears to bode badly for BP’s last-ditch bid to salvage its alliance with the Russian state controlled company.
But, it could turn out to be a clever tactical move that might yet save the deal.  Read more

FT Energy Source

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. Read more

BP failed on Friday to secure legal permission to go ahead with its proposed share deal with Rosneft, the Russian state-controlled oil group, after the Russian partners in its existing Russian venture TNK-BP opposed the plan. Read more

Dmitry Medvedev, Russian president, touring Mognitogorsk metal works March 2011President Dmitry Medvedev has grumbled more than once about ministers holding top jobs at state-controlled companies – and to little effect. But this time it seems to be for real.

After Medvedev late on Wednesday ordered the removal of ministers from state enterprise boards by mid-year, Arkady Dvorkovich, his economic aide, followed up on Thursday and named names, starting with Igor Sechin, deputy prime minister, and Alexei Kudrin, finance minister. This is serious – and Moscow is rife with speculation about what it all means.

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BP is rightly coming under growing shareholder pressure to explain what it is doing with its stalled Rosneft deal – or get out of the increasingly controversial $16bn-plus project. Read more

BP will find out on Thursday whether its proposed alliance and share swap with Russia’s state-oil champion Rosneft broke the UK oil group’s shareholder agreement with its other Russian venture TNK-BP. Read more

All four BP-nominated directors failed to turn up for an extraordinary meeting of TNK-BP’s board on Friday, torpedoing a crucial vote on whether the Russian oil venture should participate in the UK oil group’s alliance with Rosneft. Read more

Kiran Stacey

BP’s partnership with Rosneft was remarkable for a number of reasons, not least that it was done against the wishes of BP’s partners in TNK-BP and was the first equity partnership between a private international and a public national oil company. It is also a partnership not limited to developing Russian assets only: the two parties have a 50/50 ownership of Ruhr Oel, a German refining joint venture. Read more