BP Risks Losing $1.6 Billion as Russian Oil Deal Nears Collapse
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BP Plc stands to lose $1.6 billion and see its lead over rivals in Russia jeopardized as a $7.8 billion share swap and exploration deal with state-owned OAO Rosneft faces collapse.
Rosneft may pick another company to help explore the Kara Sea given BP’s failure to win over its partners in the TNK-BP venture before today’s deadline. The value of the equity exchange for BP has increased by $1.6 billion since the deal was announced in January after the London-based company’s shares fell and Rosneft stock gained.