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Energy Blast – May 9, 2011

After failing to buy out its TNK-BP partners, BP has rescued the right to proceed with its $16 billion share swap deal with Rosneft by agreeing to cede its share of the deal to TNK-BP –  although the move is subject to Rosneft’s approval, and apparently the company has yet to comment on the prospect.  ‘This is a way forward.  But it looks like AAR is calling the shots now. It makes BP look very weak.‘  This FT blog suggests that, by being subject to external oversight, ‘the deal will bring Rosneft much less of the kudos it hoped to gain by working with a global oil giant‘.  And, according to Lex, ‘There are several winners from BP’s latest imbroglio in Russia, but it is hard to count Bob Dudley as one of them.‘  OGK4 will not pay dividends on 2010 results in order to redirect profits into investment.