BP faces legal action over Rosneft

BP's three Russian billionaire partners have filed for an injunction in London to stop the British company jumping into bed with their Kremlin-backed rival Rosneft, the Telegraph reports.

The three oligarchs, who jointly own BP's Russian operations TNK-BP, claim the company has violated a previous agreement by striking a deal with Rosneft. BP confirmed the final terms of a $10bn Arctic exploration agreement with Rosneft yesterday. The two companies will swap $5bn of shares and work together on deepwater drilling over the next decade. However, the oligarchs, known collectively as Alfa Access Renova (AAR), are horrified that BP has chosen to exclude them from negotiations with Rosneft, Russia's biggest oil company, according to the Telegraph. In the injunction, AAR as...