BP was today on the verge of a deal that will see it take a significant stake in what will be the world’s largest publicly listed oil producer.

Oil giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

BP’s €11.3bn share-swap with Russian government-owned Rosneft was dealt another blow today after a tribunal blocked the deal until further notice.

A £10bn (€11.4bn) deal between British oil giant BP and Russian government-owned Rosneft is on hold today after a tribunal ruled it breached agreements with other partners.