There is no sign of BP’s troubles stopping. Moscow has now ratcheted up the pressure on BP’s Russian venture, warning that TNK-BP could see the licence for its vast Kovykta gas field revoked within “a matter of days”. Oleg Mitvol, head of Russia’s environmental watchdog, said his agency would open a probe tomorrow into whether … Read More
Russian oil
BP Drops Out of Rosneft Bidding
BP conceded defeat in the auction yesterday of a $7.6 billion stake in Rosneft that had been held by the bankrupt company Yukos. This allowed the state oil company to buy its own stock at a 10 per cent discount to the market value.
Hu Seeks Russian oil
Chinese President Hu Jintao arrives in Moscow today, offering trade deal in return for Russian oil and gas. Hu’s three-day state visit to Russia will be his third as president, showing how seriously Beijing is courting President Putin. “At present, Chinese-Russian relations are developing vigorously and have reached unprecedented levels,” Hu said. He is expected … Read More
BP Risks Being Sued Over Yukos
BP could be sued for receiving stolen property if it buys the $9 billion stake in Rosneft that will be auctioned by the Kremlin tomorrow. The 9.44 per cent stake in Rosneft is one of a number of assets that belongs to Yukos, the former Russian oil giant, being sold by the Russian authorities.
Chevron Invests $1Bln in Gazprom
U.S. oil major Chevron is investing around $1 billion in Gazprom Neft, the oil unit of Russian gas giant Gazprom, something that has been welcomed by the US authorities. “Chevron’s billion-dollar scale investment in Gazprom Neft over the last few months is a positive development,” U.S. Deputy Energy Secretary Clay Sell has been quoted as … Read More
New Balkans Pipeline to be Agreed
An intergovernmental agreement on the construction of the $1 billion Burgas-Alexandroupolis oil pipeline in the Balkans will be signed this month. The 280-kilometer pipeline will pump Russian oil to Europe, the U.S. and the Asia-Pacific region via the Bulgarian Black Sea port of Burgas and Greece’s Alexandroupolis, on the Aegean, enhancing the countries’ roles as … Read More
Kremlin Increases Pressure over BP’s Kovykta Field
More trouble for the oil majors. Russia has stepped up the pressure on a key asset held by TNK-BP, BP’s Russia venture, as Lord Browne, BP embattled chief executive, arrived in Moscow for talks on the transfer of BP’s key asset to the Russian state. Oleg Mitvol, the official who led the state campaign against … Read More
Yukos Goes To Auction
The bankrupt Russian oil company Yukos, whose former owner Mikhail Khordorkovsky languishes in a Siberian prison, is to be sold off next month in the first in a series of “bargain basement” auctions. Russian bankruptcy officials have confirmed that the first batch of Yukos assets will be sold at the end of March, with further … Read More
Russia: BP Has to Meet ‘Impossible’ Target or Sell up
More trouble for BP. Its Russian joint venture has been given three months to increase production at one of the world’s largest gas fields “by a technically impossible amount” or face losing the field altogether.
Belarus Hits Russia With 30% Hike in Oil Transit Fees
The row between Russia and Balarus looks set to increase again after Belarus announced that it will increase tariffs for the transit of Russian oil through its domestic pipeline network by more than 30% starting on February 15.