Russian state oil producer OAO Rosneft (ROSN.RS) no longer considers BP PLC (BP) a partner for a closely-watched Arctic development project and has received no new proposals from the U.K. oil major, the company's chief executive, Eduard Khudainatov, said Friday.
Russian state oil producer OAO Rosneft (ROSN.RS) no longer considers BP
PLC (BP) a partner for a closely-watched Arctic development project and has
received no new proposals from the U.K. oil major, the company's chief
executive, Eduard Khudainatov, said Friday.
"We very much wanted BP as our partner (...) but that didn't work
out," Khudainatov said. "We no longer consider them as partner on the
Arctic shelf."
The two companies agreed in January to a $16 billion share swap and joint
development of three licenses in the
Kara
Sea
north
of
Russia
. However,
that deal was blocked by BP's Russian partners in the TNK-BP Ltd. joint
venture, who said the deal contradicted the TNK-BP shareholder agreement.
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