Kremlin May Force BP To Share Oil Venture

BP has warned western investors that it could soon be forced to share control of its highly profitable Russian joint venture, TNK-BP, with a Kremlin-controlled energy group such as Gazprom or Rosneft.

The change could come after the end of a “lock-in” period in December when its local private partners, the Alfa and Access/Renova groups, can sell their 50% stake in Russia’s third largest oil producer. The other half is owned by BP.
BP’s warning comes after the forced sale of part of Shell’s Sakhalin-2 oil and gas development in eastern Russia to Gazprom at the end of last year.
Free Internet Press