BP appoints new Russia head

The head of BP's Russian business is leaving Moscow the year after the British oil major failed to clinch a major Arctic strategic partnership with state-controlled Rosneft.

Rosneft is seeking to borrow up to US$30-billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe. Four industry sources familiar with the situation told Reuters Rosneft was in talks with China’s state firm CNPC about the borrowing, which would echo a $25 billion deal the two companies clinched last decade.

Cypriot police scuffled with protesters, including employees of Cyprus Popular Bank Pcl, outside Parliament as President Nicos Anastasiades maneuvered at home and in Russia to stave off financial collapse. As the Cabinet met in the capital, Nicosia, to discuss a proposed “investment solidarity fund,” state-run CYBC television reported that Cyprus Popular, the country’s second largest, would be shut down. The Central Bank of Cyprus denied that the bank is closing, according to central bank spokesperson Aliki Stylianou’s comment on CYBC.

Russia has invited the head of the main Syrian opposition for talks. 

NOVO-OGARYOVO, Russia (Reuters) - Russian President Vladimir Putin on Monday blessed a full takeover by state oil major Rosneft of Anglo-Russian oil venture TNK-BP, calling it a good deal at a good price. Putin was speaking at a meeting with Rosneft CEO Igor Sechin, who said Rosneft had agreed to buy 100 percent of TNK-BP from its shareholders, British oil major BP and the AAR consortium representing four Soviet-born tycoons. ...