BP hit by further delays to Rosneft deal

11th Feb 2011 12:20

BP's Arctic exploration deal with Kremlin-backed Rosneft has been hit by further delays after a London court extended an injunction on the deal ahead of arbitration which won't begin until next month.An injunction to freeze the tie-up was agreed at the start of the month following a request from the British oil giant's partners at TNK-BP.The Russian oligarchs own Alfa-Access-Renova (AAR), which has a 50% stake in TNK-BP, and are furious the UK firm has got into bed with Rosneft without consulting it first.They claim the deal violates an agreement with BP that includes a clause giving them the right to be part of any exploration on Russian soil. Both parties have now agreed to a period of arbitration due to begin in Stockholm on 7 March."The arbitral tribunal has ordered that a final hearing on certain matters to be agreed will take place in the week commencing 7 March 2011," BP said in a statement."The injunction which has put on hold the Rosneft transaction announced on 14 January has been extended by the tribunal pending the outcome of this arbitration hearing."