BP PLC (BP.LN) and its partners in the Russian joint venture TNK-BP Ltd. are meeting Thursday and Friday in Cyprus for a scheduled board meeting, their first since BP's multi-billion pact with Rosneft (ROSN.RS) elapsed, a BP spokesman confirmed Thursday.
BP PLC (BP.LN) and its partners in the Russian joint venture TNK-BP Ltd.
are meeting Thursday and Friday in
Cyprus
for a
scheduled board meeting, their first since BP's multi-billion pact with Rosneft
(ROSN.RS) elapsed, a BP spokesman confirmed Thursday.
The spokesman said he wasn't able to disclose the agenda, nor what subjects
were likely to come up for discussion, save to say that it was a routine board
meeting that had been planned long in advance.
BP and its partners in TNK-BP--the Alfa Access Renova Group, or
AAR
--have
been locked in intense negotiations in recent weeks ahead of the expiration of
a May 16 deadline for BP to conclude a $16 billion share swap and Arctic
exploration deal with Russian state-owned firm Rosneft.
BP had been trying to overcome
AAR
's
objections to its Rosneft partnership, which was blocked by an international
arbitration panel following protests by
AAR
that
it broke the TNK-BP shareholder agreement, specifically that the joint venture
would be BP's primary investment vehicle in
Russia
.
Following the expiration of the deal on Monday, BP and
AAR
put
out a joint statement saying they would "intensify their efforts to ensure
TNK-BP's continued success following the lapse of the BP-Rosneft share swap
transaction."
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