"LONDON — The disputed share swap and oil exploration agreement between BP and the Russian state-owned company Rosneft has collapsed, leaving some BP investors questioning the company’s future strategy and freeing Rosneft to look for a new partner in Russia.
After a Monday midnight deadline passed, BP’s proposed deal with Rosneft lapsed as the company failed to reach a last-minute agreement with Rosneft and resolve a dispute with BP’s Russian partners in a separate joint venture, TNK-BP.
The TNK-BP partners had taken legal action to block the BP-Rosneft deal almost as soon as it was announced in January.
BP said Tuesday it would continue to talk to both Rosneft and its partners in TNK-BP about collaborating in the future. But some analysts said salvaging the original deal would be difficult."