BP and Russia in Arctic oil deal

Gerald · 01-15-11, 08:38 AM

BP has signed a joint venture with Russian energy firm Rosneft to exploit potentially huge deposits of oil and gas in Russia's Arctic shelf.The "strategic global alliance" will see the firms exchange expertise in exploring the region.As part of the deal Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares.

It is BP's first deal since the Deepwater Horizon spill last year, which cost it billions.

The BP shares stake is worth just under $8bn (£5bn).

"BP executives see this as the first piece of good news since that disastrous oil spill in the Gulf of Mexico last April," said the BBC's business editor Robert Peston.

http://www.bbc.co.uk/news/business-12195576

Note: 14 January 2011 Last updated at 23:29 GMT

01-15-11, 08:38 AM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	BP and Russia in Arctic oil deal BP has signed a joint venture with Russian energy firm Rosneft to exploit potentially huge deposits of oil and gas in Russia's Arctic shelf.The "strategic global alliance" will see the firms exchange expertise in exploring the region.As part of the deal Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares. It is BP's first deal since the Deepwater Horizon spill last year, which cost it billions. The BP shares stake is worth just under $8bn (£5bn). "BP executives see this as the first piece of good news since that disastrous oil spill in the Gulf of Mexico last April," said the BBC's business editor Robert Peston. http://www.bbc.co.uk/news/business-12195576 Note: 14 January 2011 Last updated at 23:29 GMT __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie