BP and Russia's Rosneft confirm a strategic alliance, agreeing to explore and develop ~125,000...

|About: BP p.l.c. (BP)|By:, SA News Editor
BP and Russia's Rosneft confirm a strategic alliance, agreeing to explore and develop ~125,000 sq. km in the South Kara Sea on the Russian Arctic continental shelf, an area "roughly equivalent in size and prospectivity to the U.K. North Sea." Rosneft will hold 5% of BP’s ordinary voting shares in exchange for 9.5% of Rosneft’s shares. (PR)