A Stockholm arbitration panel ruled on Thursday to ban a development deal between BP and Rosneft, AAR CEO Stan Polovets said.
The legal action was brought by the British-Russian joint oil venture, TNK-BP.
In January BP agreed to pay more than $8 billion in shares for a 9.5% stake in Rosneft and an agreement to develop oil reserves in the Kara Sea on Russia’s Arctic shelf.
TNK-BP, a 50-50 joint venture between BP and a group of tycoons represented by the AAR consortium, said that BP violated a shareholder agreement.
MOSCOW, March 24 (RIA Novosti)