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BP-Rosneft deal collapses

Huge Arctic exploration agreement is called off after the companies failed to finalise a deal to buy out BP’s current Russian partners in TNK-BP BP’s transformational deal in the Arctic has collapsed after it failed to reach agreement with its various Russian partners before a key deadline expired at midnight on Monday. The deal under which the British oil company and Russia’s Rosneft would jointly explore for oil in the Arctic will not now proceed, after the two parties could not reach a deal with BP’s existing partners in Russia, the oligarchs of Alfa Access Renova (AAR). BP sought to put a brave face on the situation, telling the City that “talks will continue”, which suggests that the deal could be revived in a new form. Rosneft, though, can now look for a new partner to explore and develop the South Kara Sea, where up to 40bn barrels of oil may be trapped below the surface. BP has been locked in three-way talks with Rosneft and AAR – the consortium of Russian billionaires controlling half of TNK-BP, BP’s Russian 50/50 venture – trying to hammer out a deal that would satisfy AAR while allowing BP to pursue the Rosneft alliance. The oligarchs, led by Mikhail Fridman, had blocked the alliance in the courts on the basis it breached an agreement BP had struck with TNK-BP giving the joint venture exclusive rights to pursue opportunities for BP in Russia. AAR’s refusal to back down left BP and Rosneft with little option but to try to buy AAR’s 50% stake in the joint venture, but the midnight deadline passed without the three parties being able to agree on price and the structure of the deal. Having tried to buy AAR out of TNK-BP, BP chief executive Bob Dudley now says that the two companies will “intensify their efforts” to ensure the joint venture’s success. “BP remains committed to Russia, to working constructively with AAR in TNK-BP and to our existing good relationship with Rosneft,” said Dudley. “All parties have worked hard to reach an acceptable resolution, as we believe it could offer significant benefits to BP shareholders, to Rosneft, AAR and Russia. “TNK-BP has been an excellent investment for all parties since 2003 and it is gratifying that both BP and AAR have agreed to look beyond the disagreements of the past few months and to fully focus on this important and successful business we have built together. At the same time, we look forward to continuing our work with Rosneft in our Sakhalin joint venture, running our new joint German refining business, and considering other future projects.” Fridman, chairman of Alfa Group, said: “AAR remains dedicated to the success of TNK-BP, one of the most dynamic and successful oil companies in the world. As we have always stated, AAR is a long-term strategic investor, and we look forward to working with BP on delivering the next phase of TNK-BP’s growth, both in Russia and internationally. AAR also sees significant benefit to developing co-operation with Rosneft within the framework of the TNK-BP shareholder agreement, and we plan to continue discussions about potential collaboration among BP, Rosneft and AAR.” BP Oil Oil and gas companies Energy industry Russia Julia Kollewe Tom Bawden guardian.co.uk

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BP-Rosneft deal collapses

Huge Arctic exploration agreement is called off after the companies failed to finalise a deal to buy out BP’s current Russian partners in TNK-BP BP’s transformational deal in the Arctic has collapsed after it failed to reach agreement with its various Russian partners before a key deadline expired at midnight on Monday. The deal under which the British oil company and Russia’s Rosneft would jointly explore for oil in the Arctic will not now proceed, after the two parties could not reach a deal with BP’s existing partners in Russia, the oligarchs of Alfa Access Renova (AAR). BP sought to put a brave face on the situation, telling the City that “talks will continue”, which suggests that the deal could be revived in a new form. Rosneft, though, can now look for a new partner to explore and develop the South Kara Sea, where up to 40bn barrels of oil may be trapped below the surface. BP has been locked in three-way talks with Rosneft and AAR – the consortium of Russian billionaires controlling half of TNK-BP, BP’s Russian 50/50 venture – trying to hammer out a deal that would satisfy AAR while allowing BP to pursue the Rosneft alliance. The oligarchs, led by Mikhail Fridman, had blocked the alliance in the courts on the basis it breached an agreement BP had struck with TNK-BP giving the joint venture exclusive rights to pursue opportunities for BP in Russia. AAR’s refusal to back down left BP and Rosneft with little option but to try to buy AAR’s 50% stake in the joint venture, but the midnight deadline passed without the three parties being able to agree on price and the structure of the deal. Having tried to buy AAR out of TNK-BP, BP chief executive Bob Dudley now says that the two companies will “intensify their efforts” to ensure the joint venture’s success. “BP remains committed to Russia, to working constructively with AAR in TNK-BP and to our existing good relationship with Rosneft,” said Dudley. “All parties have worked hard to reach an acceptable resolution, as we believe it could offer significant benefits to BP shareholders, to Rosneft, AAR and Russia. “TNK-BP has been an excellent investment for all parties since 2003 and it is gratifying that both BP and AAR have agreed to look beyond the disagreements of the past few months and to fully focus on this important and successful business we have built together. At the same time, we look forward to continuing our work with Rosneft in our Sakhalin joint venture, running our new joint German refining business, and considering other future projects.” Fridman, chairman of Alfa Group, said: “AAR remains dedicated to the success of TNK-BP, one of the most dynamic and successful oil companies in the world. As we have always stated, AAR is a long-term strategic investor, and we look forward to working with BP on delivering the next phase of TNK-BP’s growth, both in Russia and internationally. AAR also sees significant benefit to developing co-operation with Rosneft within the framework of the TNK-BP shareholder agreement, and we plan to continue discussions about potential collaboration among BP, Rosneft and AAR.” BP Oil Oil and gas companies Energy industry Russia Julia Kollewe Tom Bawden guardian.co.uk

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Bomb threatens Queen’s visit to Ireland

Irish army forced to make safe a viable bomb found on bus near Dublin on eve of historic royal visit A bomb has been found near Dublin as the Queen is due to arrive in Ireland for a historic visit that has been hailed as an “extraordinary moment” in the country’s history. The Irish army was forced to make safe a viable improvised explosive device found on a bus in County Kildare late on Monday night. The discovery threatens to overshadow the Queen’s four-day visit, the first by a British monarch to the Republic of Ireland, although the Foreign Office has said she will still travel to Dublin on Tuesday. An unprecedented security operation, costing about €30m (£26.2m), is in place to safeguard the Queen and Prince Phillip. It includes land, air and sea patrols and a “ring of steel” around the centre of the Irish capital, where the main thoroughfare, O’Connell Street, has been closed to traffic. The bomb was discovered in the luggage compartment of the vehicle at a bus stop on the outskirts of Maynooth. An engineering unit from the Irish Defence Forces arrived at 11.10pm after receiving a request from the Garda Siochana. An Irish military spokesman said a controlled explosion was carried out close to a hotel and the scene was declared safe at 1.55am. The remains of the device were handed over to the Gardai for investigation. The army is currently dealing with a bus alert on the LUAS tram line in Dublin. The bomb discovery comes after a dissident republican terror alert brought parts of London to a standstill on Monday. Some opposition to the royal visit has been voiced as dissident republican violence rises. But both the British and Irish governments say they hope the official trip will hasten a new and better relationship between the people of Ireland and Britain, built on equality and mutual respect. The prime minister, David Cameron, will join the Queen on Wednesday for part of her trip, highlighting the importance of the visit, and the foreign secretary, William Hague, will accompany the royals throughout their stay, as part of normal practice. The Irish president, Mary McAleese, interviewed by state broadcaster RTÉ for a documentary to be screened on Tuesday night, said: “I think it is an extraordinary moment in Irish history. A phenomenal sign and signal of the success of the peace process and absolutely the right moment for us to welcome on to Irish soil Her Majesty the Queen, the head of state of our immediate next-door neighbours, the people with whom we are forging a new future, a future very, very different from the past, on very different terms from the past and I think that visit will send the message that we are, both jurisdictions, determined to make the future a much, much better place.” The Irish taoiseach, Enda Kenny, has said the Queen will receive a warm welcome from the Irish people, who would have opportunities to meet her. The royal tour will take in Dublin and the counties of Cork, Kildare and Tipperary. In Dublin, the Queen will visit several politically and historically significant sites, such as Croke Park, the scene of a massacre by British troops, and the Garden of Remembrance, which honours those who fought for Irish freedom. She will also be guest of honour at events at Trinity College, the National War Memorial Gardens in Islandbridge, and the Guinness storehouse. Cork and Cashel are also on the agenda, along with a private visit to Coolmore, an international thoroughbred racehorse stud in Tipperary. The Queen’s grandfather George V was the last reigning monarch to visit the republic in 1911 when it was still part of Britain. The bitterness caused by the partition of the island a decade later and the use of the British army in Northern Ireland strained relations for much of the 20th century. But the success of the peace process has eased tensions and a visit by the monarch is seen by many as cementing a closer relationship. The Sinn Féin president, Gerry Adams, stressed his party was still against the royal visit and would host celebrations of republicanism in each city the Queen visits. He described the tour as premature and insensitive. Anti-war campaigners and left-wing republican group Éirígí, which has one council seat, are planning a series of protests. The start of the visit falls on the anniversary of atrocities which claimed the greatest loss of life in a single day of the Troubles. Thirty-four men, women and children, including an unborn baby, were killed in no-warning explosions in Dublin and Monaghan on 17 May 1974. The victims’ families and survivors of a series of bombs have written an open letter to the Queen to mark her arrival in Ireland and will hold their annual wreath-laying ceremony a few hundred metres from where the Queen will commemorate Irish rebels in the Garden of Remembrance. Justice for the Forgotten has appealed to the monarch to urge Cameron to open secret files which were withheld by the British government during an inquiry. Ireland The Queen Global terrorism UK security and terrorism Monarchy Europe Adam Gabbatt Henry McDonald guardian.co.uk

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It turns out that you might not want to drive under the influence of, say, a taco: Police in Asheville, NC, thought they had busted a California man who was fleeing arrest under the influence of alcohol. He was also carrying cases of food that tested positive for cocaine. A…

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The 8th US Circuit Court of Appeals today decided that the NFL’s lockout of players should stay in place until a full appeal is heard on whether it is legal—at least the first week of June and possibly much longer. The 2-1 decision said it believed the NFL has…

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Let’s see if this kid gets kicked off Mark Zuckerberg’s website: The Huffington Post tells the tale of an Israeli couple who have named their defenseless infant girl “Like”—like, as in Facebook. But rather than trying for a cheap 15 minutes of fame, Lior and Vardit Adler reportedly say…

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Queen begins historic Ireland visit

As the Queen, joined by the Duke of Edinburgh, arrives in Dublin she will become the first British monarch to travel to the Republic in 100 years The Queen sets foot on Irish soil today for the start of a historic state visit which will herald a new era in relations between Britain and the Republic. Politicians on both sides of the Irish Sea have described the four-day event as momentous. When the Queen, joined by the Duke of Edinburgh, arrives in Dublin she will become the first British monarch to travel to the Republic in 100 years and the first since the nation gained independence from Britain. An unprecedented security operation, costing an estimated 30 million euro (£26.2m), is in place to safeguard the royal couple, which includes land, air and sea patrols and a ring of steel around the centre of the Irish capital. Some opposition to the royal visit has been voiced, which comes against a rise in dissident republican violence. But both the British and Irish governments say they hope the official trip will hasten a new and better relationship between the people of Ireland and Britain, built on equality and mutual respect. Prime Minister David Cameron will join the Queen on Wednesday for part of her trip, highlighting the importance of the visit, and Foreign Secretary William Hague will accompany the royals throughout their stay, as part of normal practice. Irish president Mary McAleese, interviewed by state broadcaster RTE for a documentary to be screened on Tuesday night, said: “I think it is an extraordinary moment in Irish history. A phenomenal sign and signal of the success of the peace process and absolutely the right moment for us to welcome onto Irish soil, Her Majesty the Queen, the head of state of our immediate next-door neighbours, the people with whom we are forging a new future, a future very, very different from the past, on very different terms from the past and I think that visit will send the message that we are, both jurisdictions, determined to make the future a much, much better place.” Irish Taoiseach Enda Kenny has said the Queen will receive a “warm welcome” from the people of Ireland and that the public would have opportunities to meet her. The royal tour will take in Dublin and the counties of Cork, Kildare and Tipperary. In Dublin, the Queen will visit several politically and historically significant sites laden with symbolism such as Croke Park, the scene of a massacre by British troops, and the Garden of Remembrance, which honours those who fought for Irish freedom. The Queen will also be guest of honour at events at Trinity College, the National War Memorial Gardens in Islandbridge, and the Guinness Storehouse. Cork and Cashel are also on the agenda, along with a private visit to Coolmore, an international thoroughbred racehorse stud in Tipperary. The Queen’s grandfather George V was the last reigning monarch to visit the Republic in 1911 when it was still part of Britain. The bitterness caused by the partition of the island a decade later and the use of the British Army in Northern Ireland strained relations between the UK and the Irish Republic for much of the 20th century. But the success of the peace process has greatly eased tensions and a visit by the monarch is seen by many as cementing a closer relationship. Sinn Fein president Gerry Adams stressed his party was still against the royal visit and would host celebrations of republicanism in each city the Queen visits. He described the visit as premature and insensitive. Anti-war campaigners and left-wing republican group Eirigi, which has one council seat, are planning a series of protests. The start of the visit falls on the anniversary of atrocities which claimed the greatest loss of life in a single day of the Troubles. Thirty-four men, women and children, including an unborn baby, were killed in no-warning explosions in Dublin and Monaghan on May 17, 1974. The victims’ families and survivors of a series of bombs have written an open letter to the Queen to mark her arrival in Ireland and will hold their annual wreath-laying ceremony a few hundred yards from where the Queen will commemorate Irish rebels in the Garden of Remembrance. Justice For The Forgotten has appealed to the monarch to urge Prime Minister Cameron to open secret files which were withheld by the British Government during an inquiry. The Queen Monarchy Ireland guardian.co.uk

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It was a departure of sorts for Rahm Emanuel today, a swearing in , as opposed to the swearing at he’s famously used to. The potty-mouthed former White House chief of staff today became Chicago’s first new mayor in two decades, taking the oath of office and officially marking the end…

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Donald Trump is taking his toys (and his hair) out of the 2012 sandbox and going home to run Celebrity Apprentice, and that has the blogosphere predictably buzzing. A sample of reactions to the Donald’s departure: Chris Cillizza, the Washington Post: While “Trump’s Icarus-like rise and fall in the 2012…

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As they ready their fall lineups for advertisers, the major networks are stepping off last season’s beaten path of struggles and flops. “We were looking for fresh,” says NBC Entertainment’s new president. “I really want people to see the concept for a show and go: ‘Oh wow. What’s that?’” To…

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