BP scrambles to salvage Rosneft deal

BP is in last minute talks with Russian state oil firm Rosneft in attempt to salvage the proposed $16bn (£9.9bn) share swap deal before the midnight deadline tonight.

The oil giant had talks with Rosneft, as well as its partners in the TNK-BP joint venture, yesterday in Russia, to form a compromise among the three firms. One of the proposed solutions was a possible buy-out of Alfa-Access Renova, the company that BP's partners in the TNK-BP use to hold their share of the joint venture, according to the Financial Times. Earlier this month, a tribunal ruled BP's planned $16bn share swap deal with Rosneft could only go ahead if BP allowed TNK-BP to take its place in any partnership to explore the Arctic for oil, with Rosneft. However, the deal also ...