BP (BP.L) and Russia's Rosneft (ROSN.MM) appear to have few options left to salvage a $16 billion share swap deal after trying unsuccessfully to buy out BP's partners in its Russian venture TNK-BP (TNBP.MM). "We have offered them participation in the Arctic. We have offered cash, we have offered participation to TNK-BP in international ventures and we have even jointly offered, with Rosneft, a fair offer for their company," BP Chief Executive Bob Dudley told shareholders at the company's annual general meeting on Thursday. "We are not going to offer large amounts or significant shareholdings in BP," he added. The share swap and Arctic exploration deal with Rosneft, which was supposed to mark the beginning of a recovery at BP after its Gulf of Mexico oil spill disaster, have been blocked in the courts by BP's oligarch partners in TNK-BP.
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