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
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
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
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
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
A newsflash from Reuters has confirmed that a UK court has issued an injunction on the BP-Rosneft deal, which is now on hold. Read more
Russian oligarch Mikhail Fridman is throwing caution to the wind. He and his Russian partners in TNK-BP questioned the BP-Rosneft deal as soon as it was announced last week. Read more
Last night, we reported that Igor Sechin, the Russian energy tsar, Rosneft chairman and deputy prime minister, had moved to damp down a brewing rebellion from BP’s Russian partners in TNK-BP against the Rosneft tie-up.
Well, it didn’t work. Read more