TITLE

BP-Rosneft Deal To Raise Political, Environmental Heat

AUTHOR(S)
RICKMAN, JOHNATHAN
PUB. DATE
January 2011
SOURCE
Energy Daily;1/18/2011, Issue 11, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article announces a stock swap deal reached between BP PLC and Russian state-owned oil firm Rosneft and their plan to jointly launch a massive offshore drilling project in the Arctic Sea off the northern coast of Russia. As part of the agreement signed on January 14, 2011, BP will hand over five percent of its voting shares in exchange for 9.5% of Rosneft's shares. It notes that the proposed offshore drilling project is expected to provoke an outcry among environmentalists already enraged over BP's errors in the Gulf of Mexico disaster.
ACCESSION #
58773201

 

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