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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/bp-seals-deal-with-russian-partners.jpg"><img class="alignnone size-full" title="BP Chief Executive Bob Dudley (left) and Rosneft Chief Executive Eduard Khudainatov" src="http://londonglossy.com/wp-content/uploads/2011/02/min-bp-seals-deal-with-russian-partners.jpg" alt="BP Chief Executive Bob Dudley (left) and Rosneft Chief Executive Eduard Khudainatov"/></a></p>
<p>BP&#8217;s Russian billionaire partners in an Arctic exploration project have settled their immediate differences with the UK oil group.</p>
<p>They had applied to a High Court judge for an injunction to stop a share swap deal between BP and the Russian state-owned oil giant Rosneft.</p>
<p>But they reached agreement without having to argue their case before Mr Justice Burton, who later confirmed there would be no share swap before February 25.</p>
<p>The parties, BP and Alfa Petroleum, also agreed to go to arbitration over their differences at a hearing in Sweden by February 14.</p>
<p>BP would take an additional 9.5% stake in Rosneft, while the Russian company would take a 5% stake in BP under the disputed deal.</p>
<p>The plan is for a joint venture to explore the Russian Arctic continental shelf in an area of the South Kara Sea covering about 48,263 square miles &#8211; one of the world&#8217;s last remaining unexplored basins.</p>
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