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. Last Updated: 07/27/2016

BP Says Rosneft Deal 'Quiet'

LONDON — BP's chief executive gave a cool assessment of the company's chances of reviving a $16 billion share swap and Arctic exploration deal with Rosneft, saying talks on the tie-up had faded.

"Whether that project goes forward or not, it's very quiet. This is part of a big portfolio of exploration pursuit. Sometimes it's successful, sometimes it's not," Bob Dudley said Wednesday.

But BP chairman Carl-Henric Svanberg was clinging to hopes that the deal could be revived in one form or another. Rosneft has many Arctic blocks that BP could help it explore, Svanberg told reporters. "It will come back. … We are obviously a favored partner for Rosneft," he said.

(Reuters)