BP PLC (BP.LN) has agreed to pay its partners in the TNK-BP joint venture $325 million as part of a wide-ranging settlement deal announced earlier Tuesday, a person familiar with the matter said.
BP PLC (BP.LN) has agreed to pay its partners in the TNK-BP joint
venture $325 million as part of a wide-ranging settlement deal announced
earlier Tuesday, a person familiar with the matter said.
Long-fractious relations between the
U.K.
oil
giant and the group of Soviet-born billionaires behind the Alfa Access Renova
consortium appeared to have been soothed with both sets of shareholders
announcing a "comprehensive agreement" to settle all disputes between
them, including protracted arbitrations brought by each side against the other.
Both BP and
AAR
declined to comment on
whether any payments were made in respect of the settlement.
However, the deal included a payment of $325 million by BP to
AAR
, the
person said. It isn't yet clear whether part or all of money has been paid, or
whether the payment still has to be made.
The settlement ends years of tensions between the partners and paves the way
for a multi-billion-dollar buyout of both sets of shareholders by Russian
state-owned behemoth OAO Rosneft (ROSN.RS). BP and
AAR
had
been mired in litigation since last January, when
AAR
blocked BP's proposed deal with Rosneft to explore the
Arctic
.
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