BP and Russia's Rosneft To Form International Partnership (BP)

BP

issues $7.8B of shares in a share swap with Russia's largest oil producer. This accompanies an agreement on an offshore drilling project in arctic Russian oil fields. Rosneft will hold 5% of BP's voting shares; BP will hold 9.5% of Rosneft shares. As of 4:35pm EST, the press conference included very few corporate comments aside from document signatures. Company executives are slated to release comments on the arrangement soon.