The chief executive of BP issued a veiled warning to the Kremlin yesterday that Russia was putting its economic reputation at risk in the increasingly bitter struggle over the future of TNK-BP.
Medvedev
Tony Hayward lets Kremlin know that its reputation is at risk over bitter TNK-BP struggle
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Jeroen van der Veer: Shell is among the largest investors in the Russian economy
Shell projects in Russia involve the development of Sakhalin II Project offshore Sakhalin island together with OAO Gazprom, Mitsui and Mitsubishi, and the development of the Salym oil fields (Khanty-Mansi autonomous okrug), jointly with OAO NK Evikhon, a subsidiary of Sibir Energy. Shell also participates in Caspian Pipeline Consortium.
Two can play at this game
TNK-BP ceded its controlling stake to Gazprom, a bit like Royal Dutch Shell, which a year earlier gave up a majority of its Sakhalin 2 gas and oil project to the state-controlled company.
As TNK-BP director Jean-Luc Vermeulen quits, spy allegations fly in Moscow
The Kremlins campaign against foreign ownership of Russian energy resources forced Shell to cede control of the $20 billion (£10 billion) Sakhalin-2 oil and gas project to Gazprom last year. As the only big energy company not under Russian control, TNK-BP is firmly in its sights.
Intrigue in Russia Ensnares BP Venture
In 2006, Shell sold control of a major project in Russia to Gazprom after Russian environmental regulators threatened to shut it down. The regulatory problems, which were widely seen as a pressure tactic by the Kremlin, cleared up within weeks after Gazprom took over.
BP’s rough ride in Russia
Those with long memories will recall that in December 2006, Gazprom secured a majority stake in the Sakhalin-2 Russian oil and gas field formerly led by Royal Dutch Shell; at the time, Medvedev was chairman of Gazprom's board of directors. Sakhalin-2 contains estimated reserves of 1.1 billion barrels of oil and 500 billion cubic meters of natural gas; the "friendly" buyout left Royal Dutch Shell with a 27.5-percent stake.
Gazprom Russian Energy Report available from Research and Markets Ltd
The new study draws results of Gazprom's work under Putin the president and estimates future development of the main Russian company under Putin the prime minister and Medvedev the president.
As Gazprom Goes, So Goes Russia
In transactions involving both Shell and BP, Mr. Putin met directly with corporate executives. For a time, Kremlinologists thought that he might segue into the chairmans job at Gazprom; executives say Mr. Putin, a former spy, shows a keen interest in the oil and gas business.
Thaw in relations between BP and Russia?
Finally Moscow announced it was sending its environmental chief to probe the biggest field operated by BP in Russia. No-one at BP was unaware that Oleg Mitvol's steely handling of international oil giant Royal Dutch Shell on Sakhalin Island two years ago had effectively forced them to sell up to Russian firm Gazprom
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