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Main page > Comments > Fuel & Energy > Rosneft-BP Arctic deal hinges on BP Rosneft-BP Arctic deal hinges on BPTNK-BP may take part in a joint project between Russian state-owned oil company Rosneft and British Petroleum (BP) for the development of the Arctic shelf. TNK-BP’s board of directors will discuss this option at its meeting on February 18 and in fact, the fate of the Russian-British deal will depend on this decision. In mid January, TNK-BP and Rosneft announced plans to set up a joint venture for exploring oil on the Arctic shelf. The companies sealed the deal with a share swap BP gave Rosneft 5% of its shares in exchange for a 9.5% stake in Rosneft. The deal was harshly criticized by Russian consortium “Alfa, Axess, Renova” (AAR), which co-owns TNK-BP with BP. The representatives of AAR contend that under the shareholders’ agreement the partners must carry out all oil and gas projects of the consortium’s participants in Russia and Ukraine through TNK-BP. An exception can be made only if TNK-BP is not interested in the deal. However nobody offered TNK-BP the opportunity to take up the Arctic shelf project, which violates the company’s rights. Through the High Court in London AAR managed to suspend the deal between BP and Rosneft. The final verdict on this case will be brought by Stockholm’s Arbitration Court on March 7. Before this date the parties can come to an out-of-court settlement, the General Director of the National Security Fund Konstantin Simonov said in an interview with the “Voice of Russia”. "At present there are many rumors about the future of TNK-BP. For example, a possible merger of Rosneft and TNK-BP is being discussed. In this case the issue of TNK-BP’s participation in the shelf projects in the Kara Sea will move to another context. But if Rosneft and TNK-BP don’t merge, then TNK-BP’s participation in the Rosneft-BP joint venture could be a fitting compromise. Undoubtedly for Russia, the priority is the involvement of BP, because this company is very experienced in the development of shelf areas," Konstantin Simonov says. The environmental disaster in the Gulf of Mexico is a black page in the history of BP but in general this company has been quite successful. Even if we take the well in the Gulf of Mexico as an example – this is a fantastically sophisticated project. Just the depth in that area is 1.5 kilometers. The Kara Sea is not as deep but the situation there is complicated by an icy landscape. BP’s experience would be very useful, whereas TNK-BP does not have it. Now the question is whether Rosneft, BP and TNK-BP will be able to settle on a compromise. If they are able to meet halfway a joint project for developing the Arctic shelf will be launched. If they don’t, TNK BP can nip in the bud the first real project for the development of Arctic resources. Meanwhile Western businesses are watching the situation to gauge all risks and profits. By Natalya Kovalenko The Voice of |
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