Business

TNK-BP rejects role in BP-Rosneft Arctic oil deal

Oil tanker filling up at the Rosneft Arctic port facility at Arkhangelsk
Image caption TNK-BP's Russian shareholders have objected to BP's Arctic deal with state-owned Rosneft

Shareholders in Anglo-Russian oil joint venture TNK-BP have failed to agree on a possible role in its UK parent's Arctic exploration deal with state-owned Rosneft.

In January BP and Rosneft announced a $16bn (£9.9bn) share-swap and joint exploration agreement.

But TNK-BP shareholders claimed BP broke an agreement to inform them of any other Russian oil business deals.

Russian shareholders in TNK-BP have now rejected a role in the Rosneft project.

"A proposal by BP's nominated directors, which would have allowed TNK-BP to hold initial discussions with Rosneft about pursuing the Arctic opportunity, was rejected by Alfa, Access and Renova (AAR)," BP said in a statement.

The AAR consortium, which has four representatives on the TNK-BP board, represents the interests of Russian shareholders in the joint venture.

Last month AAR won a High Court injunction in London that has put the BP-Rosneft deal on hold until the dispute is resolved.

A ruling is expected by the end of the month.

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