A Russian government-owned firm will own a 5% stake in BP as part of a “groundbreaking” global alliance, it was announced tonight.
The UK oil giant will own 9.5% of Rosneft’s shares in the share swap which will see the companies work together in exploring potentially lucrative reserves in the Arctic.
BP chief executive Bob Dudley hailed the agreement as “a new type of relationship” which could open up “one of the world’s last remaining unexplored basins”.