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Rosneft accepts BP’s proposal to extend the deadline for the deal

14 April 2011

BP has asked Rosneft to extend the deadline for the share swap agreement, pending the final decision of the Arbitration Institute of the Stockholm Chamber of Commerce, and in order to implement the share swap transaction between Rosneft and BP. Without waiving any of its rights, the Russian oil company decided to meet BP’s request and extend the agreement’s deadline by one month.

In so doing, Rosneft’s President Eduard Khudaynatov stressed that “the Company continues to implement the strategically important projects related to the development of the Russian Arctic off-shore.”

“We hope to see the dispute over the Russian Arctic offshore projects between TNK-BP’s Russian and British shareholders soon resolved in the international tribunals”, he said.

Rosneft Information Division
Tel.: +7 (495)-221-31-06
Fax: +7 (495)-411-54-21
v_voevoda@rosneft.ru
April 14, 2011