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LONDON — British oil company BP announced Friday night that Russia’s state-owned oil firm Rosneft will take 5 percent of BP’s ordinary voting shares in a major stock swap.
In exchange, Rosneft will give BP about 9.5 percent of its shares, BP said.
Rosneft chairman and Russian Deputy Prime Minister Igor Sechin said the deal was worth about $8 billion.
The agreement follows the disastrous spill in the Gulf of Mexico last year. The company has been selling off many of its assets to raise money to pay for billions of dollars of liability stemming from the spill, the worst environmental disaster in U.S. history.
