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The "strategic global alliance" will see the firms exchange expertise in exploring the region.
As part of the deal Rosneft will take 5% of BP's shares in exchange for approximately 9.5% of Rosneft's shares.
It is BP's first deal since the Deepwater Horizon spill last year, which cost it billions.
The BP shares stake is worth just under $8bn (£5bn).
"BP executives see this as the first piece of good news since that disastrous oil spill in the Gulf of Mexico last April,"
Originally posted by kinda kurious
reply to post by sbctinfantry
Good riddance. They deserve each other. I certainly don't share your obvious disappointment.
I live in Florida and we will still be dealing with their mess for decades to come. The oil didn't mysteriously vanish you know.
Originally posted by SLAYER69
Well like everybody liked to point out during the big spill. The US is the largest share holders in BP.
Originally posted by sbctinfantry
Those oil platforms are mobile, and don't move around much. They get leased, not owned, for decades or more. Once Obama said "No more", one must come to the logical conclusion that the intent was to push the platforms, and thus, the companies out to other countries.