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Summary
British Petroleum has entered into a joint venture with a Russian energy firm (Rosneft) to explore oil and gas deposits in the chilly waters of Russia's Arctic shelf.Following completion of this agreement, Russian-owned Rosneft will hold 5 percent of BP's ordinary voting shares in exchange for approximately 9.5 percent of Rosnefts shares. This unique agreement underlines our long-term, strategic and deepening links with the worlds largest hydrocarbon-producing nation, said BP's chief executive. He said, We are very pleased to be joining Russia's leading oil company to jointly explore some of the most promising parts of the Russian Arctic, one of the world's last remaining unexplored basins.
