BP Sells Interest to Rosneft, Talisman & Exxon Look To Exit Poland: Energy Business Update
Majority stakeholders of BP (NYSE:BP) agreed in November to divest their interests to Rosneft Oil Co. (RNFTF.PK), and now minority shareholders in Anglo-Russian oil firm TNK-BP are withdrawing a 100 billion rouble, or $3.2 billion damages suit against the former. In July a court in Siberia awarded the damages against BP in a case brought by a group of minority shareholders in TNK-BP’s listed unit TNK-BP Holding. Since then, BP appealed against the decision, with its attorney Konstantin Lukoyanov reporting that the case judge had affirmed that the minorities had applied to withdraw their suit.
Talisman Energy (NYSE:TLM) and Exxon Mobil Corporation (NYSE:XOM) are said to be in discussions with Poland’s largest oil firm PKN Orlen over selling their Polish shale gas exploration licenses, said inside sources Monday to the daily Rzeczpospolita. Both overseas companies and domestic ones inside Poland are worried about planned levels of taxation and also government involvement when the industry begins the output commercial volumes of shale gas. Earlier in 2012, Exxon elected to leave Poland, after drilling only two wells.
Canadian Pacific Railway Limited (NYSE:CP) reported on Monday that it will take a fourth quarter pre-tax non-cash charge of around $180 million, which is $107 million after tax, on its option to build into the Powder River Basin, which it obtained in 2007 when it bought the Dakota Minnesota & Eastern railroad.
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