Russian billionaires who are partners with BP (NYSE:BP) in the TNK-BP joint venture, won an order from a British court to block the proposed joint venture with Rosneft to explore in the Artic.
The court ordered the two parties to arbitration to settle the matter, which must take place by February 25.
According to the Russian billionaires, they had the right of first refusal on any work BP would perform in the country.
David Peattie, BP’s head of Russian operations, responded to the order saying, “It has always been BP’s position that these matters should be resolved through arbitration, and we are pleased that this is what the court has now decided.”
Rosneft and BP has agreed to a share swap in order to form the partnership to explore the Arctic waters.
BP closed Tuesday at $47.98, gaining $0.51, or 1.07 percent.
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