BP faces share swap deadline

BP will struggle to meet a deadline to complete its £9bn share swap with Russian group Rosneft, leaving the companies to agree a second extension or allow the deal to fall apart. BP Chief Executive Bob Dudley, who has been criticised by investors for the difficulties encountered in executing the deal, said he was optimistic that it would be concluded but declined to express a view on whether the deadline would be met. BP and Rosneft agreed to a share swap and an exploration venture aimed at unlocking potentially 40bn barrels of oil.