BP’s Russian deal is put on hold until March by arbitration panel

BP must wait until at least March to learn the fate of its £10bn share-swap with Russian oil firm Rosneft, after an arbitration tribunal yesterday extended the injunction blocking the deal.

Russian investor group AAR, which owns half of BP’s Russian venture TNK-BP, obtained an injunction last week to halt the deal until 25 February while it tries to establish its rights to BP’s activities in Russia through arbitration.

“The arbitral tribunal has ordered that a final hearing on certain matters to be agreed will take place in the week commencing 7 March 2011,” BP confirmed in a statement.

“The injunction which has put on hold the Rosneft transaction announced on 14 January has been extended by the tribunal pending the outcome of this arbitration hearing.”