Bear principles

25 March 2008 By Cyrus Sanati

The oil major has so far navigated the treacherous waters of Russian politics better than rivals Shell and Exxon. But Russian authorities have been making hostile moves. It could be nothing, but with 20% of BP s oil production coming from Russia, losses there would hurt badly.

This content is for Subscribers only

Context News

Last week, plainclothed agents of Russia's secret service, the FSB, raided the headquarters of TNKBP. The company is a 5050 joint venture between BP and three Russian Oligarchs Viktor Vekselberg, Len Blavatnik, and Mikhail Fridman.

Two brothers with joint US and Russian citizenship were subsequently arrested. One was an employee of TNKBP and the other was an employee of the British Council. They were both charged with industrial espionage and were released on bail.

Later, the natural resource ministry of Russia, Rosprirodnadzor, led by Deputy Minister Oleg Mitvo, announced that it would begin an investigation into possible environmental violations at TNKBP's largest oil field, Samotlor.

Email a friend

Please complete the form below.

Required fields *