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Tough week ahead for BP
BP chief executive Bob Dudley is facing a particularly gruelling week, with a deadline for the firm’s £10bn share swap with Rosneft due on Thursday, the same day as the oil giant’s first annual shareholder meeting since last April’s Gulf of Mexico spill.
BP management are expected to come under fire at the firm’s AGM, after awarding bonuses to several top staff despite the Gulf disaster.
Dudley is also racing to eke out a deal with Russian partners Alfa Access Renova (AAR) to extend the deadline on its Rosneft deal, first inked in January, before the share swap and exploration agreement expires.
AAR has a temporary injunction blocking the deal, but both sides are keenly awaiting a final decision from an international arbitration panel.