Rus News Journal

Source: the Transaction between BP and Rosneft will not take place

British VR will not finish negotiations with Rosneft on an exchange of actions to a deadline which expires on May, 17th 2011. At 3:00 Moscow time. On it informs Reuters referring to informed circles. They have noticed that negotiations of the parties will proceed after the expiration of this deadline.
sources have separately noticed that speech does not go about full refusal of continuation of negotiations.
before the party already declared carrying over of imprisonment terms of the transaction. VR and Rosneft have prolonged terms of a mutual exchange of actions for a month, till May, 16th. Initially target date of end of the transaction expired on April, 14th 2011.
the Given transaction declared still in January of this year, a little zabuksovala from - for judicial claims which were shown to British by their Russian partners in the multinational corporation - BP.
the Stockholm arbitration court has resolved VR and Rosneft to exchange actions on May, 6th. In the arbitration decision it is noticed that for an exchange of actions between VR and Rosneft the parties should agree that the securities received as a result of the transaction will be used exclusively in the investment purposes.
as a result of given decision VR acquires the right to achieve the consent Rosneft on the multinational corporation admission - VR to development of the Arctic shelf, and also on change of terms of transaction on an exchange of actions.
BP and Rosneft in the middle of January 2011. Have entered into the agreement on strategic cooperation on a shelf of Arctic regions. Transaction consists of three points: teamwork on three sites in Kara sea, creations of joint venture (joint venture) for work on these sites (a share Rosneft in the joint venture - 67 %, VR - 33 %) and agreements on an exchange of actions, in which result Rosneft should receive 5 % of actions BP, and the British company - 9,5 % of actions Rosneft That in aggregate with actions already available for it Rosneft will make 10,8 %.
However consortium Alfa Access Renova (AAR, the parity partner British VR on joint venture in Russia - the multinational corporation - VR) has considered that BP breaks their joint-stock agreement, and initiated proceeding in which result arrest has been put end of the Arctic transaction. Then VR has addressed in the Stockholm arbitration with the request to deduce from the general arrangements across Arctic regions separately the transaction on an exchange of actions. However the court has supported again position AAR and has prolonged an interdiction for transaction closing without day.
now the parties are in a condition of judicial proceedings and carry on negotiations on settlement of questions at issue.