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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/bp-in-talks-with-russian-oil-firm.jpg"><img class="alignnone size-full" title="BP has been in discussions with Russian government-owned oil company Rosneft over a "possible arrangement"" src="http://londonglossy.com/wp-content/uploads/2011/01/min-bp-in-talks-with-russian-oil-firm.jpg" alt="BP has been in discussions with Russian government-owned oil company Rosneft over a "possible arrangement""/></a></p>
<p>BP is in discussions with Russian government-owned oil company Rosneft relating to &#8220;a possible arrangement&#8221;, it has confirmed.</p>
<p>There was speculation that this could involve an exchange of shares between the two firms.</p>
<p>A spokeswoman said: &#8220;Following recent press speculation, BP confirms that it is in discussions with Rosneft relating to a possible arrangement. A further announcement is to be made later.&#8221;</p>
<p>BP chief executive Bob Dudley was known to have been in Moscow on Friday for a meeting with Prime Minister Vladimir Putin. Mr Putin&#8217;s deputy, Igor Sechin, is chairman of Rosneft.</p>
<p>The move comes a year after BP was at the centre of controversy after the oil spill which followed the explosion on the Deepwater Horizon rig 42 miles off the coast of Louisiana last April, killing 11 workers. It cost the company tens of billions of pounds and led to the departure of former chief executive Tony Hayward.</p>
<p>City analysts said the tie-up would leave BP well-placed to capitalise on Russian oil interests but may risk upsetting US investors.</p>
<p>Justin Urquhart Stewart, co-founder of Seven Investment Management, said: &#8220;This is going to have some serious repercussions in America, because they do not take kindly to Russia taking serious control in any areas.</p>
<p>&#8220;But in terms of BP, it gives them fantastic access to the large oil fields in the Arctic.&#8221;</p>
<p>He added: &#8220;It puts BP in the wonderful position of having a head-start against its rivals in Russia. But it will put the company in a difficult position in America, they won&#8217;t like it becoming a quasi-Russian company.&#8221;</p>
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