The Stockholm Arbitration Court ruled on Friday that BP and Rosneft can complete their share-swap deal if TNK-BP joins their Arctic shelf project with Rosneft's consent, the Russian and British partners in the TNK-BP joint venture said in a news release.
In January, British oil giant BP and Russian oil major Rosneft signed a $16 billion share swap deal and an agreement to develop the energy-rich Arctic shelf together. Although promoted by powerful Deputy Prime Minister Igor Sechin, the deal was blocked by the London High Court and a Stockholm tribunal following a suit from AAR, the Russian shareholders of TNK-BP.
"The arbitral panel has today issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign the Arctic opportunity to TNK-BP, subject to Rosneft consent," the news release said.
"The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic opportunity to TNK-BP," the news release also said.
Another condition for the deal to take place is that BP and Rosneft should only use any shares received as a result of the share swap for investment purposes and place them in trust, with voting rights exercised by independent trustees, together with certain other technical amendments.
"Neither company would have representatives on the others board in respect of these holdings," the news release said.
BP said it would now seek Rosneft's consent to include TNK-BP in the Arctic project and to put the share swap deal in accordance with the court ruling.
Rosneft has not commented on the Stockholm court decision.
LONDON, May 6 (RIA Novosti)
