BP-Rosneft deal remains blocked indefinitely

[April 08, 2011]  LONDON (AP) -- BP says an injunction blocking a deal with Russia's Rosneft to swap shares and explore the Arctic for oil will remain in place indefinitely, a setback for the British oil group.

BP said Friday that the Stockholm Arbitration Tribunal has postponed until further notice a final ruling on whether the deal can go ahead.

BP's partners in its Russian joint venture TNK-BP had objected to the $8 billion share-swap deal with Rosneft, asserting that TNK-BP had first rights to any BP ventures in the country.

While waiting for the arbitration panel's ruling, BP says it is seeking to extend the April 14 date on which the Rosneft agreement would terminate.

BP shares were up 0.6 percent at 477.8 pence in morning trading on the London Stock Exchange.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.