U.K. Energy and Climate Change Secretary said he met Russian deputy Prime Minister Arkady Dvorkovich and Igor Sechin, the head of Russian state-controlled oil giant OAO Rosneft (ROSN.RS), in which BP PLC (BP.LN) holds a 19.75% stake, in London earlier Monday to discuss U.K.-Russian energy cooperation.
U.K. Energy and Climate Change Secretary said he met Russian deputy
Prime Minister Arkady Dvorkovich and Igor Sechin, the head of Russian
state-controlled oil giant OAO Rosneft (ROSN.RS), in which BP PLC (BP.LN) holds
a 19.75% stake, in
London
earlier
Monday to discuss U.K.-Russian energy cooperation.
"We were talking about our relationship, BP, [Royal Dutch] Shell [PLC
(RDSA) ] and other
U.K.
companies' relationships with our Russian colleagues," U.K. Energy
Secretary Ed Davey told reporters at a briefing in
London
on
North
Sea
oil.
BP gained a stake in Rosneft as part of the Russian oil company's takeover of
TNK-BP from BP and its partners, which completed earlier this year. BP expects
its stake will lead to direct partnerships to tap
Russia
's oil
wealth both on and off shore, including potentially a long-coveted Arctic deal.
Some investors are jittery about BP's continued deep exposure to
Russia
following its previous turbulent partnership with the Soviet-born billionaires
in the TNK-BP venture.
A joint statement from Mr. Dvorkovich and Mr. Davey welcomed the partnership
between
U.K.
and
Russian companies in the oil and gas sector and emphasized that implementation
of joint projects in the oil and gas sphere "must be based on mutual
benefit."
Talks also focused on the gas and nuclear sectors, as well as energy
efficiency, renewable energy and climate change, the statement said.
The two sides agree to establish a regular energy dialogue, with meetings at
senior official levels to be held at least twice a year and ministerial
meetings to be held annually.
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