BP Boosts Ex-Yukos Assets After Khodorkovsky Sentence Extended
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BP Plc will boost its holdings in the former assets of Yukos Oil Co. through its share swap with Russia’s state-run oil producer, two weeks after ex-Yukos chief Mikhail Khodorkovsky’s sentence was extended by six years.
BP agreed on Jan. 14 to exchange $7.8 billion of stock for 9.5 percent of OAO Rosneft, which became Russia’s largest oil producer after aquiring Yukos assets in 2007. The deal will also provide access to untapped Arctic offshore oil and gas resources as London-based BP sells assets to pay for last year’s oil spill in the Gulf of Mexico.