Skadden earned another victory on behalf of Alfa, Access & Renova (AAR) in its dispute with BP regarding the latter’s proposed $16 billion strategic alliance with Rosneft, the state-owned Russian oil and gas company, for Arctic Circle oil exploration. On May 6, an arbitration tribunal ruled that the exploration opportunity be assigned to AAR through its existing joint venture with BP; and that a proposed share swap between BP and Rosneft may proceed only terms agreed by AAR, subject to Rosneft’s approval. Skadden previously had secured wins for AAR to protect its interests.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates