Rosneft says new proposals received from BP

Russian oil giant Rosneft has received new proposals from BP, it said on Wednesday, a day after the expiration of a deadline on a $16 billion deal to swap shares and develop the Arctic shelf with BP.

“Rosneft has received proposals which go beyond previous agreements with BP and whose development will not require the extension of an agreement which expired on May 16, 2011,” Rosneft said in a statement.

“The proposals make discussion of future cooperation beyond expired agreements possible.”

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. It 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.

Energy Minister Sergei Shmatko said on Tuesday that Rosneft would be looking for new partners who would offer modern shelf development technologies, while media said Rosneft had already been approached by Shell, Exxon, Chevron, Indian and Chinese companies.

MOSCOW, May 18 (RIA Novosti)

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