BP had wanted to partner with Rosneft, Russia's top crude producer, to explore the Arctic. But BP's partners in Russian company TNK-BP argued that the proposed share swap would erode their joint venture's competitive advantage and sued to stop it, The Associated Press reported.
The Russian shareholders won an injunction at Britain's high court and went into arbitration, which was held in secret and is legally binding.
BP, though disappointed by the ruling, said it would still seek to partner with Rosneft, perhaps by buying a stake in the company rather than trading equity, spokesman Robert Wine told AP. Any future agreement on exploration of the Arctic with Rosneft could be coordinated with TNK-BP, he said.-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV