We must stand up for academic freedom against government restrictions October 22, 2012 WHEN academics extol “free wheeling” research, they risk being accused of an ivory tower arrogance that disregards their obligations to the public. But they should strongly counter such allegations. Choices of research project are anything but frivolous: what is at stake is a big chunk of our lives, and our professional reputation. The traditional compact [...]
BP sells TNK-BP stake to Rosneft October 22, 2012 BP this afternoon agreed to offload its 50 per cent stake in TNK-BP to Russian state-owned oil firm Rosneft for $12.3bn in cash and an 18.5 per cent shareholding. Rosneft will pay $17.1bn in cash and shares representing 12.84 per cent to BP, but the British oil major will also acquire a further 5.66 per [...]
BP and Rosneft on brink of announcing deal October 22, 2012 BP and Rosneft are on the verge of announcing a deal worth more than $25bn (£16bn), that will see the British oil major exit troubled joint venture TNK-BP and take a stake in the Russian state-controlled energy firm, it is understood. The deal has yet to be finalised, although BP this morning confirmed this morning [...]
BP set to reveal deal with Rosneft as it exits Russian venture October 22, 2012 BP hopes to unveil a multi-billion pound escape route from its troubled Russian joint venture as early as today, in the form of a long-awaited shares and cash tie-up with state-owned energy giant Rosneft. The agreement, which was last night yet to be finalised after weeks of boardroom talks, will get BP out of TNK-BP, [...]
Canada closes the door as Russia keeps playing the field October 22, 2012 CANADIAN politicians were in damage limitation mode yesterday, taking to the country’s airwaves to tell anyone who’d listen that The True North is open for business. Their protestations come in the wake of industry minister Christian Paradis’ last minute decision on Friday to block Malaysian state oil company Petronas’ bid for Progress Energy, a natural [...]
Rosneft to buy BP’s TNK stake in $26bn deal October 18, 2012 BP HAS received a cash and shares bid for its 50 per cent stake in TNK-BP from Russian state-controlled oil producer Rosneft, it is understood, putting Rosneft close to dominating Russia’s oil industry. Sources said that Rosneft earlier this week agreed a bid for Russian consortium AAR’s 50 per cent stake in TNK-BP, the country’s [...]
BP weighs the risks of contamination from Russian oil October 18, 2012 MONEY isn’t everything. As the elaborate negotiations over TNK-BP’s ownership continue, BP finds itself in a sticky strategic position, despite a generous offer for its stake. The apparent $28bn bid from Rosneft for BP’s 50 per cent TNK-BP stake looks attractively priced and would enable the UK oil major to extricate itself from a less-than-ideal [...]
Bumi will reinforce the need for better governance October 18, 2012 While London continues to struggle to create an attractive environment for companies in search of fresh equity, the last thing it needs is a daily diet of allegations and counter-allegations about a deal, lauded as a triumph by banks such as JP Morgan, Credit Suisse and Evolution (before its sale to Investec) only two and [...]
Russia’s Evraz hurt by lower steel output October 18, 2012 RUSSIAN steelmaker Evraz yesterday posted a three per cent drop in steel production year on year over the three months to September. The FTSE 250 firm cited lower production at the Vitkovice steel operations in the Czech Republic and Highveld in South Africa for the drop in output. Evraz this month temporarily shut down production [...]
BP eyes $28bn deal as oligarchs bow out October 17, 2012 A GROUP of oligarchs last night bowed out of buying British oil major BP’s stake in embattled Russian joint venture TNK-BP, opening the way for BP to begin talks on a multi-million pound deal in a Russian state oil producer. Russian consortium AAR last night called time on its troubled relationship with BP over joint venture [...]