Russian Deputy Prime Minister Igor Sechin, who until recently chaired the board of directors of Russia's oil company Rosneft, said on Wednesday he does not consider the failure of Rosneft-BP joint venture deal a personal failure.
In January, Rosneft and BP agreed on a share swap in which Rosneft was to exchange 9.5 percent of its stock for 5 percent in BP. The deal also included plans to jointly develop oil production in the Russian Arctic.
The deal was blocked by a court injunction following legal action by AAR, a consortium representing BP's partners in local TNK-BP venture. AAR said BP had violated a BP-AAR shareholder agreement which obliged BP to ask for TNK-BP's approval before BP could get involved in any Russian project.
The $16 billion deal between Rosneft and BP finally fell through on Tuesday after a deadline ran out for final agreement to swap shares and develop the Arctic shelf.
"You know, I have accumulated great experience, this work helped me have a closer look at all these processes, and to get new additional knowledge. I do not consider this a personal fiasco," Sechin said.
PURPE (Russia, Yamalo-Nenets Autonomous Area), May 18 (RIA Novosti)
