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Bolshevik Petroleum

14 January 2011 By Fiona Maharg-Bravo

The UK oil major is swapping 5 pct of itself for a stake of the same $8 bln value in Russia’s Rosneft, inflicting dilution when its stock is depressed. In return, it accesses Arctic prospects as a junior partner to Moscow. It’s not pretty. But if BP finds oil, it may be worth it.

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