May 6, 2011
BP Plc (NYSE:BP) said on Friday that an arbitration panel had issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign a disputed Arctic exploration opportunity to TNK-BP, a large Russian natural gas venture.
TNK-BP is Russians 3rd largest oil company, and is a 50/50 joint venture between BP and the AAR consortium.
AAR had gone to court to stop BP from entering into a deal with Rosneft, a Russian state-controlled firm, citing their existing contract with BP and their right of first refusal.
BP released a statement saying, "The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic opportunity to TNK-BP."
The interim injunction preventing the firms from moving forward with their arctic exploration plans remains in place, pending Rosneft's consent to the deal.
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