May 18, 2011 / 1:54 PM / 6 years ago

Sechin says BP-Rosneft deal failed, praises BP

PURPE, Russia, May 18 (Reuters) - BP's (BP.L) $16 billion share swap and Arctic drilling deal with Russian oil company Rosneft (ROSN.MM) has failed but BP is still a good partner, Deputy Prime Minister Igor Sechin said on Wednesday.

Sechin, Russia's top energy official, said Rosneft could sue over the breakdown of talks on Monday to buy out BP's partners in Rosneft rival TNK-BP TNBP.MM who opposed the tie-up.

But, he said "We think that on the whole BP is a very good partner. We do not rule out some arrangement in which BP could be brought in as a contractor, perhaps on an outsourcing basis (for the Arctic) and on other projects."

"But we will be more cautious of obligations to third parties." (Reporting by Vladimir Soldatkin; writing by Melissa Akin; editing by Douglas Busvine)

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