BP's (NYSE:BP) CEO Robert Dudley Says Rosneft Won't Affect Dividend Decision

The deal announcement after the market closed on Friday that BP was going to swap shares with Russia’s OAO Rosneft in a $7.8 billion deal.

Asked in a Bloomberg television interview on whether or not it would affect the dividend decision, Dudley stated, “It doesn’t impact the dividend decision. Our decisions have yet to be made on the dividend. We have a new set of shareholders, but it’s not going to change that.”

The benefit and purpose of the deal is for the two companies to drill off the north coast of Russia in the Kara Sea in the Arctic circle. Regions in the Arctic could hold up to $100 billion barrels of oil.

BP will get a 9.5 percent stake of Rosneft while Rosneft will get 5 percent stake in BP.