Rosneft embraces new western partner after abortive BP deal

Here is my latest piece published in the IBA Global Insight newsfeed:

The news this week that ExxonMobil has signed a deal with Rosneft to explore oil and gas reserves in Russia’s Arctic shelf has ruffled more than a few feathers.

As IBA Global Insight reported earlier this year, after initial excitement, BP and Rosneft’s momentous US$16bn share swap deal quickly fell apart following a dispute with Russian investors in TNK-BP (BP’s existing Russian joint venture).

BP was eventually forced to pull out of the tie-up in May and the fiasco was an embarrassment for Russian President Vladimir Putin, who had previously endorsed the deal.

Published on 02-09-11. Read on here

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