BP, Rosneft strike major stock swap deal
Britain's BP has announced that Russia's Rosneft will take 5 percent of BP's voting shares in a major stock swap. In exchange, BP will receive around 9.5 percent of Rosneft's shares. Philip DeLeon, the president of Trade Connections International explained the new partnership means there will be greater exploration for oil on the Arctic shelve; BP has invested greatly in Russia, and the Russian government is in need of their expertise to move forward.
Britain's BP has announced that Russia's Rosneft will take 5 percent of BP's voting shares in a major stock swap. In exchange, BP will receive around 9.5 percent of Rosneft's shares. Philip DeLeon, the president of Trade Connections International explained the new partnership means there will be greater exploration for oil on the Arctic shelve; BP has invested greatly in Russia, and the Russian government is in need of their expertise to move forward.
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