OIL giant BP has been forced to halt work on its historic venture with Rosneft, after its billionaire Russian partners won an injunction.
Four Russian oligarchs, using the name AAR, convinced the High Court to stall BP and Rosneft’s plan to swap $16bn (£10bn) worth of shares and drill in the Arctic until 25 February.
BP had already scheduled fast-track arbitration with AAR in Sweden in an attempt to smooth relations with the Russians, who claim the Rosneft deal breaches their right to first refusal in BP’s operations in the country through their 50 per cent stake in TNK-BP.
BP claims it honoured its
deal with TNK-BP and AAR, but they did not wish to take part in Arctic exploration.
BP chief executive Bob Dudley said he hoped for a business-like resolution