In the midst of the military and political fiasco in Georgia, it would be easy to believe that Russia could withdraw from a number of contracts it has with the West.
It appears that Moscow is prepared to honor a deal which many observers believe that it controls through allies of the Kremlin, the arrangement behind the joint venture called TNK-BP. According to Reuters, "The crisis at TNK-BP, which produces a quarter of BP’s worldwide oil output, hit the headlines after BP accused the Russian side of using 1990s-style corporate raider tactics to grab control of the venture."
Recent meetings between BP management and the controlling shareholder of Russia’s interest appear to be making progress and a deal "may come in weeks."
BP could use the relief. Over the last three months, its shares are off almost 25% while the stock of rival Exxon Mobil (XOM) is only down 10%.
Douglas A. McIntyre
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