One Year Later, BP's Gulf Comeback Hijacked |
Wall Street Journal - Apr 18, 2011 |
BP PLC seemed to be making a textbook recovery from the Deepwater Horizon disaster a year ago. Then its comeback was hijacked in the Russian Arctic.
With the Gulf of Mexico explosion and oil-spill catastrophe, which left 11 people dead last April 20, still fresh in the minds of investors and the public, the London-based oil giant in January made a bold move to vault past the troubles of the last year by announcing a deal to explore for oil in the Arctic alongside Russia's state-owned company, OAO Rosneft.
But barely two weeks after it was unveiled, BP's partners in its existing Russian partnership—a trio of billionaires who own 50% of the TNK-BP Ltd. venture—won a court injunction to have the deal blocked.
Read Full Article from Wall Street Journal
- Posted: 2011-04-18 14:54:44
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