BP-Rosneft $16 billion share swap deal fails

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LONDON (AP) - BP's hopes of making Arctic oil production the key to its recovery from the Gulf of Mexico spill were dealt a severe blow on Tuesday after it failed to secure a $16 billion share swap with Russia's state-backed Rosneft.

BP PLC revealed a midnight deadline for the deal expired after it failed to broker a settlement with its Russian partners in TNK-BP, its existing joint venture in the country, who have objected to the Rosneft deal.

The London-based company said that discussions would continue with all the parties, but a Rosneft official said the Russian company will now start considering partnership offers from other overseas oil companies.

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