The failed BP-Rosneft joint venture deal needed more careful preparation, Russian President Dmitry Medvedev said on Wednesday.
“Those who arranged preparation of this deal [BP-Rosneft] should have paid attention to the nuances of shareholders’ agreements and legal issues which arise during preparation of such significant documents,” Medvedev told a news conference with leading Russian journalists at the Skolkovo School of Management.
In January, Rosneft and BP agreed on a share swap in which Rosneft was to exchange 9.5 percent of its stock for 5 percent in BP. The deal also included plans to jointly develop oil production in the Russian Arctic.
The deal was blocked by a court injunction following legal action by AAR, a consortium representing BP’s partners in local TNK-BP venture. AAR said BP had violated a BP-AAR shareholder agreement which obliged BP to ask for TNK-BP’s approval before BP could get involved in any Russian project.
The $16 billion deal between Rosneft and BP finally fell through on Tuesday after a deadline ran out for final agreement to swap shares and develop the Arctic shelf.
Russian oil giant Rosneft has received new proposals from BP, it said on Wednesday.
“Major projects are a part of the investment climate,” Medvedev said. “I do not know what the ultimate fate of the deal between Rosneft and BP, although it seems to me an interesting deal in itself, if we disregard the circumstances of how it has turned out and the difficulties that have arisen.”
“If finally it works out I will be glad, this is good for our country by itself,” Medvedev said.
MOSCOW, May 18 (RIA Novosti)