BP Strikes Deal To Exit Russian Gas Project |
| CNNMoney.com - Jun 22, 2007 |
BP Plc on Friday concluded a deal to sell most of a Russian natural-gas project to the state-controlled gas monopoly OAO Gazprom, continuing a process in which Western firms cede vital energy interests to the government.
Terms call for BP's TNK-BP joint venture to sell Gazpromits 62.89% in Rusia Petroleum, the company which holds the licence for the Kovykta gas field in East Siberia.
It will also sell its 50% interest in East Siberian Gas Co., which is constructing the regional gasification project.
Gazprom will pay TNK-BP between $700 million and $900 million. Gazprom also gets an option to buy another 25% stake plus one share in Kovykta at an independently verified market price.
Read Full Article from CNNMoney.com
- Posted: 2007-06-22 10:25:47
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