BP and Rosneft buy time

BP and Rosneft yesterday agreed to extend the deadline for completing a share swap to the 16th of May. The £9.8bn share swap agreement along with the related Arctic exploration […]

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By Tom Gibson

BP and Rosneft yesterday agreed to extend the deadline for completing a share swap to the 16th of May.

The £9.8bn share swap agreement along with the related Arctic exploration remain subject to an interim injunction.

BP said it “remains fully committed to TNK-BP as its primary business vehicle in Russia and fully supports its strategy and investment programme, which should ensure its success for decades to come”.

BP chief executive Bob Dudley had been in talks on Wednesday night with Rosneft to extend the deadline for the share-swap before he faced shareholders at BP’s annual general meeting.

BP’s Russian partner, TNK-BP, have used a court injunction to block both the Arctic exploration and share-swap elements of the Rosneft deal.

TNK-BP have said that their shareholder agreement has been broken.