U.K. oil major BP PLC (BP) will pursue future investments in Russia solely through its TNK-BP Ltd. joint venture, the company's Chief Executive Bob Dudley said Monday.
U.K.
oil
major BP PLC (BP) will pursue future investments in
Russia
solely through its TNK-BP Ltd. joint venture, the company's Chief Executive Bob
Dudley said Monday.
"We will work only through TNK-BP,"
Dudley
said,
when asked about future investments in
Russia
.
He said his company remains "rock steady" on its investment in
TNK-BP, which it owns on a 50-50 basis with a group of Russian businessmen.
Earlier this year, its partners in TNK-BP forced BP to give up an Arctic
exploration project and share swap deal with Russian state oil company OAO
Rosneft (ROSN.RS). A
London
court
agreed with their argument that the deal would violate the TNK-BP shareholder
agreement and that all investments in
Russia
must
be pursued through TNK-BP.
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