BP is frozen out in Russia over Rosneft deal

BP’s proposed $16bn alliance and share swap with Russian giant Rosneft fell apart this week. Can BP still salvage a deal over Arctic oil exploration?

BP's proposed $16bn alliance and share swap with Russian giant Rosneft fell apart this week. The deal had been opposed and blocked by BP's oligarch partners in its existing Russian joint venture, TNK-BP. BP and Rosneft attempted to buy them out, but failed to secure an agreement before the deadline for completing the BP-Rosneft share swap expired this week. BP still hopes to be able to do a deal. Rosneft has said it is willing to keep talking.

What the commentators said

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.