Disappointment for BP.

Disappointing for BP that the injunction blocking the completion of their £10bn share swap partnership with Rosneft has been upheld by a ruling under Swedish arbitration?

Not just sure where either party goes from here but the underlying commentary suggests that although potential solutions were on the table one or both parties were unwilling to proceed ahead of the ruling. So, you would expect that post ruling the solutions will be seriously considered and explored unless irreconcilable differences have now been created between either of the "four" interested parties: BP; Rosneft; TNK/BP; and the Russian state organisation.

My only amazement at all this is that the TNK-BP venture even still exists following the last spat, which seemed terminal, also involved BP's newly installed CEO Bob Dudley, and resulted in him fleeing Russia.

Anyway BP's shares are down in early trade this morning following a minor recovery over the last couple of days despite the budget announcement of a tax hike on North Sea oil to finance a 1p cut in the price of fuel. 

BP's North Sea interests amount to 11% of UK production.

BP @ 476p, - 4.9 (- 1.02%)

Related article links:

- http://www.telegraph.co.uk: BP's deal with Russia's Rosneft blocked by tribunal

- http://www.sharecast.com: Oligarchs' injunction against BP/Rosneft deal upheld

Previous related posts:
BP starts the day down on Final results (but finishes up!)
FTSE down: DJIA up plus updates on BP and National Grid
Big week ahead for BP, plus updates on BG and Aviva
BP / NG / R-R news updates.
Value, Income and Recovery: BP