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BP shares down as Rosneft deadline approaches

BP shares down as Rosneft deadline approaches

Shares in BP PLC are lower as a deadline nears for the oil company to secure a $16 billion share swap deal for Arctic exploration with Russia's state-owned OAO Rosneft.
BP shares were down 1.1 percent at 437.4 pence ($7.10) on Monday, ahead of a midnight deadline.
The deal, announced in January, ran into opposition from shareholders in BP's separate Russian joint venture, TNK-BP, who claimed it violated that venture.
Reports suggest BP is seeking to buy out its billionaire partners in TNK-BP, paving the way for the Rosneft deal to close. BP had no comment.
The share swap would be BP CEO Robert Dudley's biggest deal since taking the top job after the 2010 Gulf of Mexico oil spill as BP looks to decrease its reliance on U.S. operations.


Updated : 2021-04-12 12:50 GMT+08:00