British Petroleum Planning Investment in Russia

British Petroleum (BP) is keen on the idea of investing in Russia. BP Vice-President Robert Dadly said this on Wednesday by at a meeting with Russian Energy Minister Igor Yusufov. This was announced by the press-service of the Ministry of Energy of the Russian Federation. Dadly believes that 'President Putin has done a great deal towards creating conditions in the country which are favorable and understandable for foreign capital investors.' Yusufov said that Russia intends to increase petroleum extraction and to widen the area of its development. The most important target for investment will become petroleum chemistry, as well as the creation of conditions for deepened petroleum refining for export. Dadly assured the Russian Minister that the BP company has extensive experience in this area.

BP's Russian projects were discussed at the meeting, in particular the product-sharing agreement. Yusufov said that Russia will form a legislative base for the purchase of oilfields through this agreement.

The Energy Minister also said that Russia needs the advanced experience of management of the gas and petroleum sector which BP has.

BP is one of the largest petroleum corporations in the world, operating in western Europe, the USA, Asia, Australia, several African countries and the Pacific region. The company is one of the largest investors in Russia, with a total volume of incoming investment resources of around USD 1 billion. Its priority projects in Russia are: acquisition of Kovyktinsk gas-condensate field, work with the Sakhalin-5 project, and the petrol station business. BP opened its first petrol station in Moscow in 1996, and now have a network of 30 petrol stations in Moscow and the Moscow Region.

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