Russian Oligarchs Halt BP Deal For Arctic Oil And Gas

rosneft BP

Photo: Erste Bank

BP’s deal with Russian oil company Rosneft is on the brink of falling through after Russian billionaires opposing the deal won their case.The deal, a $16 billion share swap, is opposed by BP’s partners in another Russian deal, BP-TNK.

An injunction on BP’s deal with Rosneft has been extended, and now the deal may fall through all together. The deal would have developed the EPNZ fields owned by Rosneft in the Arctic.

Shares in BP are down in London and in the pre-market in the U.S. Rosneft’s shares are down in Russian trading.

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