BP announces plans to enter into arbitration proceedings
BP today announced immediate plans to enter into arbitration proceedings to resolve the issues raised by Alfa Petroleum Holdings Limited and OGIP Ventures Limited in their application to the English High Court relating to the share swap agreement and Arctic exploration arrangements agreed between BP and Rosneft, announced on 14 January 2011.
India's Reliance Industries Ltd said on Thursday it had started arbitration proceedings against Reliance Communications Ltd after the mobile carrier failed to participate in meetings to resolve a dispute concerning ownership of shares.