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BP, Rosneft In $16B Share Swap Deal

U.K. oil producer, BP, has signed a $16 billion share swap agreement with Rosneft.

U.K. oil producer, BP,has signed a $16 billionshare swap agreement with Rosneft,Financial Times reports. After completion of the deal, the Russian state oil company will indirectly become the single largest shareholder in the group.

The deal has support from the U.K. government, while U.S. politicians have expressed concerns about the national security implications of the deal.The firms will explore and develop Rosneft’s three licensed blocks on the Russian Arctic continental shelf, adds AFP.

Click here for the story from Financial Times.

Click here for additional coverage from AFP.

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