$8B BP, Rosneft Deal Blocked By Arbitration Tribunal

Law360, New York (March 24, 2011, 10:49 PM EDT) -- An arbitration tribunal ruled against a proposed transaction between BP PLC and Russian state-owned oil company Rosneft that involved an $8 billion share swap and a deal to explore the Russian Arctic, BP announced Thursday.

BP had agreed to arbitration with its Russian partners Alfa Petroleum Holdings Ltd. and OGIP Ventures Ltd. after the two companies had brought suit in the High Court of Justice in London over the Rosneft deal.

The partners accused BP of violating the shareholder agreement they had signed as part of...
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