BP opens fresh negotiations on Rosneft deal

Oil giant BP has reopened negotiations with Rosneft after failing to meet the original deadline for a $16bn share swap at midnight on Monday.

The Russian state oil firm said today it had received new proposals from BP that went "beyond previous agreements and do not require the extension of the deadline" for the share swap, the Financial Times reports. The renewed negotiations come after BP's failed attempt to buy out its existing Russian partners in the TNK-BP venture, who had imposed a legal block to prevent the UK oil giant partnering with Rosneft. Bob Dudley, BP chief executive, said: "BP remains committed to Russia, to working constructively with AAR in TNK-BP and to our existing good relationship with Rosneft. All par...