BP extends share swap deadline with Rosneft

14th Apr 2011 15:38

Oil titan BP and Russian peer Rosneft have extended their $7.8bn share swap deadline for the 'Arctic Opportunity' following an arbitral panel's decision last week to keep an injunction prohibiting the close of the transaction in place until further notice."It is in the interests of BP's long-term growth in value that we build on the major and unique position with in Russia. Access to the Arctic is a substantial prize. We are therefore pleased that we have extended the deadline for concluding our business with Rosneft," said BP chairman Carl-Henric Svanberg at an AGM on Thursday.The 'Arctic Opportunity' is the agreement made in January between to two firms to negotiate for joint exploration of three licence blocks on the Russian Arctic continental shelf.The share swap deadline now stands at 16 May."BP remains fully committed to TNK-BP as its primary business vehicle in Russia and fully supports its strategy and investment programme, which should ensure its success for decades to come," the statement said.