What’s Next for BP plc (ADR) (BP)?

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Grappling with the great bear
BP’s tussles with Russia have been well documented. A few years ago, BP chief executive Bob Dudley was chased out of Russia in a battle with the Russian partners in the joint venture TNK-BP.

But Dudley has worked tirelessly to repair relations with Russia, and recently it has been paying off. Russian prime minister Dimitri Medvedev has asked Dudley to sit on the board of Russia’s national oil company Rosneft.

BP is finalizing a multibillion pound merger with Rosneft whereby the Russian company will take over BP’s holding in TNK-BP, while in return BP will gain a 20% stake in Rosneft. I see this as a good deal for the British oil major.

BP’s recovery is well under way. Overall, I see BP as a decent buy.

The article What’s Next for BP? originally appeared on Fool.com.

Prabhat Sakya owns shares in BP, but not in any of the other companies mentioned in this article. The Motley Fool has no position in any of the stocks mentioned.

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