Rosneft leaves door open for deal
Source: Agencies |
May 19, 2011, Thursday
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ROSNEFT, the state-controlled Russian oil firm, said yesterday cooperation talks with British oil major BP could continue despite the expiry of a deadline for a share swap deal between the two companies.
Rosneft and BP failed on Monday to agree with the partners in BP's Russian venture TNK-BP on a US$32 billion buyout of their 50 percent stake in the firm held via the AAR consortium.
A buyout would have unblocked the agreement struck in January between BP and Rosneft for a US$16 billion share swap and Arctic exploration deal, whose deadline expired late Monday.
"As a result of the negotiating process between BP and AAR, Rosneft has received proposals which go beyond the previous agreements and do not require the extension of the deadline (for the share swap) which expired on May 16, 2011," Rosneft said in a statement.
"These proposals make it possible to discuss our further cooperation outside the agreements which have already expired."
The statement, the first official Rosneft comment on the talks' collapse, leaves the door open to finding a new way to close the deal.
Rosneft added it would announce its own plans to develop the Arctic Kara Sea blocks it had planned to develop with BP.
Rosneft and BP failed on Monday to agree with the partners in BP's Russian venture TNK-BP on a US$32 billion buyout of their 50 percent stake in the firm held via the AAR consortium.
A buyout would have unblocked the agreement struck in January between BP and Rosneft for a US$16 billion share swap and Arctic exploration deal, whose deadline expired late Monday.
"As a result of the negotiating process between BP and AAR, Rosneft has received proposals which go beyond the previous agreements and do not require the extension of the deadline (for the share swap) which expired on May 16, 2011," Rosneft said in a statement.
"These proposals make it possible to discuss our further cooperation outside the agreements which have already expired."
The statement, the first official Rosneft comment on the talks' collapse, leaves the door open to finding a new way to close the deal.
Rosneft added it would announce its own plans to develop the Arctic Kara Sea blocks it had planned to develop with BP.
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