An arbitral tribunal has ruled that an injunction prohibiting a share swap between BP PLC (BP) and Russia's Rosneft (ROSN.RS) will remain in place until further notice, but allowed the U.K. oil major to discuss the extension of an April 14 deadline with the Russian company, BP said Friday.
An arbitral tribunal has ruled that an injunction prohibiting a share
swap between BP PLC (BP) and
Russia
's
Rosneft (ROSN.RS) will remain in place until further notice, but allowed the
U.K.
oil
major to discuss the extension of an April 14 deadline with the Russian
company, BP said Friday.
A Stockholm tribunal last month said BP and Rosneft wouldn't be allowed to
proceed with their strategic tie-up, which includes a $16 billion share swap
and joint exploration of three licenses in Russia's Arctic Kara Sea, ruling in
favor of BP's billionaire oligarch partners in TNK-BP Ltd., who say BP must
pursue all business opportunities in Russia through the joint venture.
Despite the ruling, BP sought a determination from the
Stockholm
arbitrators as to whether the share swap element of the agreement could proceed
on its own.
"The arbitral tribunal has ruled that the interim injunction prohibiting
closing of the share swap transaction with Rosneft will remain in place until
further notice," BP said in a statement.
BP's Russian partners in TNK-BP--a group of Soviet-born businessmen known as
the Alfa-Access-Renova consortium, or
AAR
--welcomed
the ruling, saying the tribunal had asked BP and
AAR
to
submit additional evidence to review the share swap.
"
AAR
welcomes the decision of the tribunal, which we
consider fair, balanced and thoughtful," a spokesman said.
BP is working under pressure in
Russia
, as
an exclusivity agreement to close the proposed share swap and exploration deal
with Rosneft expires April 14. The tribunal, however, allowed BP to discuss
with Rosneft an extension of that deadline.
A BP spokesman said the company is still considering its options, while a
Rosneft spokesman said it hasn't received a formal offer from BP to extend the
deadline.
People familiar with the situation Thursday said BP has asked for the TNK-BP
board to be assembled early next week in case the arbitration ruling would
required immediate action. But one person close to BP said it may take several
days before BP and Rosneft would be able to agree on an extension of the
ruling.
BP wants to proceed with the share swap and may seek to do the Arctic
exploration deal through TNK-BP, one person familiar with the situation said. Last
month, BP directors voted against the joint venture's involvement in the
project at a TNK-BP board meeting.
At 1222 GMT, BP shares were up 2.6 pence, or 0.6%, at 477.5p.
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