this will affect the major deal the sixteen billion dollars share swap deal between russia left and p.p. remains to be seen section was one of the key architect of that deal he'll now be replaced by surrogate who's the senior vice president at v.t. b bank it's now mr shushan job to try and make sure that that deal goes through but this wasn't the only news coming out of the ross left a key piece saga today we've also heard the t m k d t b t's official partner here in russia that they are looking to sue p.p. put chain of billion dollars should this deal go ahead. and it's an enormous session resignation now joined by leadin a russian cost me from north council but even thank you very much indeed for the time so do you expect mr session to maintain influence in all sniffed absent needing the board. yeah i don't think it's a new sort of act of the prevail towards mr sage and because it's he was there it's really difficult for him to combine the two cheers let us not forget that he's also chairman of the into raw energy systems and he'll also combine in there are several other top positions

come to our business update p.p. has confirmed for the first time that together with ross now it has offered cash at all to cover charities to the russian shareholders in tank a.t.p. it wants to buy those partners out so it can proceed with a sixteen billion dollars share swap and arctic exploration deal with ross that b.p. held its annual general meeting in london on thursday amid protests from shareholders and environmentalist his lawyer and has not. it's been uncomfortable day for b.p. executives that their annual general meeting with shareholders after a year talked about entailed by disasters first of course we saw the oil spill in the gulf of mexico we started nearly a year ago today and also obviously the year finished with the typical of the real snafus b.p. tail for the first time today b.p. has confirmed that it has also the russian shareholders in t a k b p cash and participation in an attempt to resolve the deal brokered totally sets that he considers the cashel for a fat offer and that he wasn't prepared

to private investment feral to or project financing favorable to the p.p. to all private public pattering because as you know in many of these investment the it we need the it cooperation between public and private sector this is a the fiscal pressure not too high and lee. here is. a good of an ability from the projects thank you thank you very much and just to remind you that my guest on the show was frank of bass and he had of the ten pm club of investors and that's it from our listeners life will be back with more full time comment about the going on in and out some question until then party thank you you. thank . in india algy's available in the grand central shirts in mumbai the taj mahal in wrotham a bowling coach president combining to shoot a fabled frizzle for the amount of beatriz's public clothes are going to go on taj mahal hotel charges vientiane soon rush for town to lunch.

we used to be many children in p.p. a lot of the greatest authorities from all over the soviet union came here to operate the nuclear power station all the mostly young people that are still and they thought that they were waiting for a bright future. so this town experienced a baby boom. on the spot no one used the gas masks would look out there because the catastrophe happened on a saturday. they'd been kept here and were left untouched. after a couple of ministers what was in that letter you found. there is a photograph inside. here have a look. look through the proper trickle it seems it was written by a child a small girl. just to try their story i was so glad having received your letter so i decided to reply at once my mom got me any adult she's so beautiful that i'm sometimes afraid to play with her when i go to school in the morning i put her by the window and make a bet for her in the evening i love her dearly the weather has already been very warm here we'll be having a holiday soon my parents and my it will go to a rally will be inflating balloons and after that there will

for guitarist p.p. . for more on the marriage between republicans and oil executives i'm joined by would have been described as assistant director of the center for energy and environment the competitive enterprise institute really good to see again good to see you can this or not. oil company is making profits like nobody's business right now the world is a washington over the point the saudi arabia actually prop back their production to raise prices because they said that you know they couldn't sell it and yet well prices are going through the roof. the it was a fairly reasonable conclusion part of a lot of people including misadministration including some republicans i believe are a wealth of this that what we're seeing is speculation seems manipulation of the market we basically have a giant we have an oligopoly got to and for drag operators control in markets. where is that a good thing that a good thing will certainly that would not be good but i will note you commented that saudi arabia voluntarily

k b p b p's official partner here in russia that they are looking to sue p.p. for tale of billion dollars should this deal go ahead. and of course came from nor councils has the time log announcement could not have been more perfect. is one of the companies which were announced for their position this year old next year and the timing extremely well for us in the of before they're pretty sure there will be easing program in the states but there are a lot of cash in the market the could be more sold for four in buyers for four for me of baggage is going to be sold through therefore it has to get done very quickly and i think this is a very timely action. russia's economic development minister of the euro now the owner and presidential aide our colleagues were called which have removed themselves from the list of candidates for the supervisory board it's very bank that's according to the bank's president haven't read the board might now consider one other kinds of sense of presence sixteen have already been approved for that seventeen seed. and in other news the

somewhere in the conversation what is the future of that deal out the moment well it lies in the hands of p.p. they've got to come to an agreement with their current russian partners. to buy out their shares in the joint venture t n k b p now a also said they're willing to listen to what they call sensible proposals for their shares that what is a sensible proposal to put a valuation of eighty billion dollars on t n k p p twenty billion dollars more than the company was valued at on the stock exchange at the beginning of the week now they'd be looking for half of that forty billion in order to relinquish their stake in that company now forty billion spawn more than the twenty seven billion that was offered by bt on wednesday so both sides seem to have set out their starting points for negotiations they'll be looking to try and come to an agreement somewhere in the middle for this deal to go ahead the russian shareholders of g.m. k b p have said that they want to see a deal between t. and k.p. and ross next over the the all important exploration of oil in the arctic now this is where we have a

the other option is second option is the p.p. and rosner just walk away from this deal and call it quits and it all goes away a listed option is well known at the moment experts are telling us that this deal is just too important not just in a business sense but also politically to be allowed to pull that third option to take place and the deal to collapse completely now and no one really knows exactly what's going to happen next apart from of course the heads of the three main companies involved now they're going to have to come to an agreement between themselves in order for a deal to be able to be done now one thing that is certain this is going to be some very tough questions asked of the heads of b.p. at their annual general meeting which is taking place on thursday because they're not to be fielding tough questions on the deal with the ross nerved they're also going to be facing questions on the over the oil spill in the gulf of mexico so definitely at the moment i think there's nobody in the business world or you'd be hard

this is business all see hello and welcome to the program ross snap has given p.p. another month to get hitched but first the british all major needs a divorce from its current russian partners the deadline for the sixteen billion shares for between ross snapped and b.p. has been extended to may sixteenth this is to give b.p. the time to resolve its differences would be on the heart of b.p. currently blocking all news and threateningly took a show. b.p. currently find themselves stuck in something of a quagmire when it comes to doing business in russia but there is a way for them to get out of the trouble and continue their sixteen billion dollar share swap deal with rosneft if they can come to terms with their current russian partners they are now to do that they're going to have to buy a are out of their current venture g n k d p l the russian partners put the value of that company at around seventy billion dollars us twenty billion more than the current market price ok so b.p. is going to come have to come up with their own thirty billion dollars in cash or an eq

and russ never breaks elements of their foundation agreement when they first set up being paid p.p. which said that any business and he wanted to undertake in russia had to be agreed that b.p. had to have first refusal on that work and they say that this breaks the terms of that contract now they are has said that they welcome the court decision they say that it's balanced and b.p. has said that it is still committed to working in russia and investing in russia and. its main investment vehicle but this is probably not the end of this story b.p. is looking to extend the deadline for the chefs what which was supposed to be the fourteenth of april that was when they had to take place under the terms of the original deal they're now looking to extend that and see if they shuffle and go ahead to later date so they probably will be reapplying to the court to see if they can make this deal work in some way. oh it's obviously not the end of the story arc is lower and much reporting from london thanks very much for that. and we continue oil prices have extended their rally with ongoing unres

p.p. and ross next over the the all important exploration of oil in the arctic now this is where we have a problem because ross nafta said they want to deal with b.p. not sweety n.k.p. be the head of ross never said that they'd already turned down a bid for t n j b p to buy into ross they're not interested in doing the. district them they only want to deal with the three nights p.p.l. nobody it seems is close enough to also ruled out doing any deal with shell so it seems to be freaky have to get their heads together call up with some kind of solution so they can put this put this this old going so it gets a bit and come up with us all important also to their russian partners so that they can go ahead and do the deal with sniffed and explore the oil in the arctic. now the price of precious metals are on the rise as investors hope for them over stocks the price of silver has jumped over the psychological mark of forty two dollars per ounce which is the highest level in three decades now let'

and rush never breaks the elements of their foundation agreement when they first set up a p.p. which said that any business or any work that b.p. wanted to undertake in russia had to be agreed that's how first refusal on that work and they say that this breaks the terms of that contract this is probably not the end of this story b.p. is looking to extend the deadline for the shuswap which was supposed to be the fourteenth of april that was when the sas what had to take place under the terms of the original deal they're now looking to extend that and see if they can go ahead it's a later date so they probably will be reapplying to the court to see if they can make this deal work in some way. commodities now will prices. on the middle east and africa we should contribute to the growth. as you can see the one dollar more than one hundred. eleven dollars per barrel brants almost sergeant twenty three when the hearth reports say an oil field in libya has been damaged this is fueling concerns the civil war may destroy the country's will in the us. you are still at the opening of the