The struggle for control of TNK-BP is the first big test for Tony Hayward's leadership of BP.
Putin
Hayward faces test of mettle over TNK-BP
BP Says It Is Committed to Russian Venture
Formed in 2003, TNK-BP has netted BP huge gains and accounts for about a fourth of the companys global production. As oil prices have spiked, however, the Kremlin has sought to take back lucrative energy assets. The problems plaguing the venture appear to many as an attempt to squeeze the companys British partners out of the country.
Chief executive grilled in Russian siege of BP
"This is all about money." Asked whether BP had mishandled the escalating dispute, he said: "There isn't that much they could do about it."
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.
UPDATE 1-Putin says warned BP about Russian risks
PARIS, May 31 (Reuters) - Russia's Prime Minister, Vladimir Putin, said he had warned BP about the risks of setting up a venture with a group of Russian billionaires when he blessed its creation as Russian president in 2003.
Rift Develops Among Investors in Russian Gas Venture
In 2006,Royal Dutch Shell was pressured into selling a controlling stake in its $20 billion Sakhalin-2 oil project to Gazprom at a below-market price after environmental regulators threatened it with billions of dollars in fines.
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
Russian law curbs foreign investment in key sectors
In one of his last acts as Russian president, Vladimir Putin yesterday signed a long-awaited law restricting foreign investment in 42 "strategic" sectors, including energy, telecoms, mining and aerospace.