$7.8B BP-Rosneft Russian Arctic Deal Falls Apart

Law360, New York (May 17, 2011, 2:29 PM EDT) -- A $7.8 billion stock swap between BP PLC and Russian state-owned oil company Rosneft collapsed Tuesday after the London-based petroleum giant was sued by its Russian joint venture partners over the so-called Arctic opportunity.

The collapse of the deal marked a tear in BP's relationship with its partners in TNK-BP — Alfa Petroleum Holdings Ltd. and OGIP Ventures Ltd. — whose London lawsuit was a major factor in scuttling the Rosneft deal.

Alfa Petroleum and OGIP Ventures claimed BP violated a shareholder agreement by entering into...
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