Deadlock Between BP and Its Strategic Russian Partner, TNK-BP Continues

Deadlock Between BP and Its Strategic Russian Partner, TNK-BP Continues

There seems to be no early respite for the British oil giant, BP following a major fiasco in Gulf-of-Mexico. As per reports, the deal between BP and Rosneft for an Arctic exploration venture has been jinxed on Tuesday against deadlock with its existing partners in Russia, known as AAR, which has been earning profits with its deal in the name of TNK-BP.

As per BP Chief Executive, Bob Dudley, the deal with Russian state-controlled Rosneft is a lucrative offer to revive its crippling financial situation by roping in return rather than focusing on output.

As BP has been lobbying really hard for Rosneft deal, the market analysts are of the view that Dudley's strategy of diluting mature assets and seeking out new projects are going to collapse sooner or later.

Inspite of gaining below par profit from BP’s business association with places like China, India and Indonesia, BP’s future remained under clouds in the US, where it’s facing billions of compensation claims due to pilferage of oil in Gulf-of-Mexico, causing major environmental damage to the Americans in the history.

Inspite of consistent assertion from Rosneft over its belief on the capability of Dudley to seam through such times, market analysts are of the view that lest some concrete deal is being struck by BP, investors won’t be putting much weight to the association between BP and its Russian partner.

Business: 
General: 
Companies: 

Popular Stories

Erosion of beaches will get worse: researchers warn

Portraying a gloomy picture of the future, the 2015... Read More

Rare rat-linked disease leaves 1 dead, 2 sickened in Bronx

A rare bacterial disease carried by rats has killed... Read More

Try drug-free remedies before resorting to medication for low back pain: ACP

People suffering low back pain should try drug-free... Read More

Pregnant inmate forced to deliver baby on jail cell floor

A Detroit-area sheriff has defended his staff over... Read More

Marathon Pharma to sell decades-old drug to treat DMD for $89,000

Marathon Pharmaceuticals will reportedly market... Read More