BP-Rosneft Collaboration Could Expand the Companies' Chemical Operations

BP and Rosneft (Moscow) signed last week what the companies describe as a "groundbreaking strategic global alliance," the main thrust of which is to explore and develop the Russian Arctic continental shelf in the south Kara Sea,  spanning a 125,000-sq kilometer area, equivalent in size and prospectivity to the U.K. North Sea. The agreement creates the first major equity-linked  partnership between a state-owned and multinational oil company, BP says. Rosneft will hold 5% of BP's ordinary voting shares in exchange for about 9.5% of...

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