Federation Council deputy speaker approves of BP's investments in Russia

Federation Council First Deputy Speaker Valery Goreglyad approves of the founding of an oil company involving British Petroleum in Russia. Talking with reporters, he pointed out that a company with a large financial potential would emerge on the Russian oil market, whose operations will have a positive effect on the amount of GDP, the revenues to the federal budget, as well as the social sector. In the senator's opinion, this deal will increase the inflow of investments into Russia's oil industry and will have a positive effect on important economic aspects, such as employment.

As it was reported earlier, Alfa Group, Access/Renova and British Petroleum had announced the founding of a new oil company and their intention to unify their oil assets in Russia and Ukraine. The new holding company will become Russia's third largest oil company in terms of the volume of reserves and the volume of production. The volume of confirmed oil reserves of the new company (in accordance with the results of international audit of oil reserves in 2002) reached 9.49bn barrels. The daily volume of oil production is 1.21m barrels. The company will also own five oil refineries with a total capacity of 1m barrels a day. The new holding company will manage a network of over 2,100 gasoline stations in Russia and Ukraine.

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