BP PLC's (BP) new Russian woes, including the loss of a major Arctic oil deal and a raid by Russian authorities on its premises last week, are "credit negative" for the company, said ratings agency Moody's Monday.
BP PLC's (BP) new Russian woes, including the loss of a major Arctic oil
deal and a raid by Russian authorities on its premises last week, are
"credit negative" for the company, said ratings agency Moody's
Monday.
"Losing the Rosneft deal removes a potentially attractive strategic option
to diversify its upstream operations after the 2010 Macondo spill," said
Olivier Beroud, Managing Director of Corporate Finance at Moody's. The raid on
its
Moscow
office, "suggests that BP's difficulties in
Russia
, a
key source of production and future reserves, are likely to persist," he
added.
Bailiffs raided BP's
Moscow
office last week to seize documents related to a lawsuit filed by a minority
shareholder in BP's Russian joint venture TNK-BP. The shareholder is seeking
compensation for losses claimed following the failure of BP's Arctic
exploration agreement with OAO Rosneft (ROSN.RS).
BP was replaced in the Arctic deal by ExxonMobil Corp. (XOM) last week.
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