Russians Believe BP (BP), Rosneft deal Will be Approved

Russia said they believe the deal they made with BP (NYSE:BP) via state-owned Rosneft will be allowed to go ahead after a review from an arbitration tribunal in London.

Billionaire shareholders of TNK-BP Holding, a 50/50 joint-venture between BP and the wealthy Russians, challenged the agreement between BP and Rosneft, arguing terms of their partnership demanded they be notified before BP entered into any deal with another business. They were held to the same requirements as well, assuming they are actually in the agreement.

Rosneft made the deal on the word of BP, which according to First Deputy Prime Minister Igor Shuvalov, the company had "received the necessary assurances from BP. All the rights created by this deal are duely protected by international private and contract law."

BP and Rosneft entered an agreement in January to partake in Arctic oil exploration via an joint venture, where each company took a share in the other's company.

Arbitrators will hold the next meeting in London in the latter part of February.

BP closed Wednesday at $47.30, gaining $0.25, or 0.53 percent.