BP rivals circle as Rosneft deal axed May 17, 2011 BP’S RIVALS are circling Russian firm Rosneft after the oil group’s historic plan to gain access to the Arctic oil reserves finally collapsed yesterday. BP’s difficulties with Russian partner AAR have not deterred Chevron, Shell and Exxon, who yesterday all said they were in talks with Rosneft over a variety of new projects. Exxon and [...]
BP rivals circle as Rosneft deal axed May 17, 2011 BP’S RIVALS are circling Russian firm Rosneft after the oil group’s historic plan to gain access to the Arctic oil reserves finally collapsed yesterday. BP’s difficulties with Russian partner AAR have not deterred Chevron, Shell and Exxon, who yesterday all said they were in talks with Rosneft over a variety of new projects. Exxon and [...]
When it makes sense to shun the bigger banks February 7, 2011 WHEN BP announced its recent share swap with the Russian oil group Rosneft there was a sharp intake of breath amongst corporate financiers working for the likes of Credit Suisse, Goldman Sachs and Bank of America Merrill Lynch. None of the bulge bracket firms were named as advisers to BP on the deal. Instead the [...]
Russia thinks BP deal is dead May 23, 2011 Russia’s energy minister does not expect BP and Rosneft to revive their historic exploration deal. Sergei Shmatko told reporters yesterday: “I don’t believe there’s any chance of reincarnation of the deal in its current form,” adding that the two oil companies were continuing talks over a new agreement to search for oil in the Arctic. [...]
Russia’s Global Ports to raise $750m in London June 6, 2011 RUSSIA’S biggest freight terminal operator aims to list on the London Stock Exchange to raise up to $750m (£456m), it said yesterday. Global Ports Investments, which operates terminals in Russia and Finland, intends to float 25 per cent of its issued share capital. It will list $100m of new shares and an unspecified amount of [...]
Fitch worried on Russian politics January 16, 2012 Ratings agency Fitch revised Russia’s outlook to “stable” from “positive” yesterday. Rising “political uncertainty” and the global economic outlook were both blamed. “Political risk, reflected by poor governance indicators, is a long-standing weakness compared with most other triple-B rated countries,” Fitch announced. Such political worries increase the risk of capital flight, the agency claimed, which [...]
Fitch worried on Russian politics January 16, 2012 Ratings agency Fitch revised Russia’s outlook to “stable” from “positive” yesterday. Rising “political uncertainty” and the global economic outlook were both blamed. “Political risk, reflected by poor governance indicators, is a long-standing weakness compared with most other triple-B rated countries,” Fitch announced. Such political worries increase the risk of capital flight, the agency claimed, which [...]
Sechin snubbed by Medvedev over BP failure May 18, 2011 Russian President Dmitry Medvedev rapped premier Vladimir Putin’s top dealmaker on Wednesday for lapses that contributed to the collapse of a major oil deal between Rosneft and BP. The $16bn (£9.9bn) share swap and Arctic exploration pact, masterminded by Putin’s deputy Igor Sechin, fell apart on Monday when BP and Rosneft failed to agree on [...]
BP misses key deal deadline May 16, 2011 TALKS to rescue BP’s $16bn (£9.9bn) share swap with Kremlin-controlled oil group Rosneft appeared close to collapse last night as the midnight deadline passed without any deal being announced. The deal, which would give BP an interest in offshore Arctic exploration venture leases that could contain over 40bn barrels of oil, has previously been blocked [...]
Russia leaves door open for fresh BP deal May 18, 2011 BP’S hopes of teaming up with Rosneft were raised yesterday, when the Russian state-owned giant said talks could continue past Tuesday’s deadline for a planned £10bn share-swap. Rosneft said the new proposals “go… beyond the scope of the earlier agreements with BP”, a nod to the possibility of involving BP’s Russian joint venture TNK-BP, which [...]