By Catherine Belton and Isabel Gorst in Moscow
Published: March 20 2008 02:00 | Last updated: March 20 2008 02:00
Police yesterday searched BP’s Moscow office and those of TNK-BP, the UK oil company’s 50 per cent-owned Russian joint venture, in a move industry experts saw as a possible increase of state pressure on both companies.
TNK-BP, which is also 50 per cent owned by a group of Russian billionaires, has been the target of constant speculation that it could be the next takeover target of Gazprom, the state controlled gas group. TNK-BP’s Russian owners have denied they are seeking to sell.
Gazprom has been tightening its grip over the energy sector, winning control of Royal Dutch Shell’s Sakhalin-2 project in 2006 following state allegations the far east Russia oil and gas venture was in breach of environmental regulations.
TNK-BP last year agreed to sell its vast east Siberian Kovykta gas field to Gazprom following claims by the government it had violated licence terms.
But the deal has been delayed amid ongoing wrangling over the price of TNK-BP’s 62.9 per cent stake, and the terms of a broader deal in which TNK-BP could re-enter the project with a 25 per cent stake through assets swaps.
Russia’s Interior Ministry said police had seized documents in the morning raid on TNK-BP offices in relation to an ongoing criminal investigation into the Sidanco oil group, a predecessor company that now forms part of TNK-BP. TNK-BP declined to comment.
BP in Moscow said the police had arrived at the close of business yesterday but could not comment on the purpose of the raid.
Speaking before news of the searches broke, Alexander Medvedev, Gazprom’s deputy chief executive, said in an interview that he expected the Kovykta deal to be closed by the end of April. “With respect to Kovykta, there are still some details that should be finalised but the principal questions are solved,” he said yesterday.
“We anticipate that very soon we will finalise the deal; hopefully not later than the end of April.”
Mr Medvedev did not deny that Gazprom could seek a broader partnership with BP through a stake in TNK-BP. “We still did not hear from them whether they would like to sell.”
TNK-BP’s Russian billionaire owners issued a rare joint statement in February saying they had no plans to sell their stakes. Viktor Vekselberg, one of the owners of TNK-BP, said in January he would only his sell if his valuation of $60bn (£30bn) for the entire company was met. TNK-BP’s market capitalisation hit a low of $25bn this year.
Commenting on the price tag set by Mr Vekselberg, Mr Medvedev said: “The question of greediness should not be part of this discussion.”
Copyright The Financial Times Limited 2008
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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