BP’s Browne Soothes Investors’ Concerns

BP’s experience in Russia has been positive despite concerns raised among overseas investors by the government’s move to take over Yukos, BP CEO John Browne said Wednesday.

“I think it is fair to say that the experience of investing in Russia generally has been very positive, with the usual ups and downs,” Browne said in remarks to the Institute for International Economics.

BP is the world’s second-largest listed oil company by market capitalization and the biggest single foreign investor in Russia. It holds a 50 percent stake in TNK-BP, Russia’s third-largest oil company, with an $8 billion investment.