24/7 Wall St.
08-27-2008, 01:40 PM
24/7 Wall St. Daily News
http://www.247wallst.com/images/2008/08/27/russia.jpg</img> (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2008/08/27/russia.jpg)In the midst of the military and political fiasco in Georgia, it would be easy to believe that Russia could withdraw from a number of contracts it has with the West.
It appears that Moscow is prepared to honor a deal which many observers believe that it controls through allies of the Kremlin, the arrangement behind the joint venture called TNK-BP. According to (http://www.reuters.com/article/ousiv/idUSLR7119420080827) Reuters, "The crisis at TNK-BP, which produces a quarter of BP's worldwide oil output, hit the headlines after BP accused the Russian side of using 1990s-style corporate raider tactics to grab control of the venture."
Recent meetings between BP management and the controlling shareholder of Russia's interest appear to be making progress and a deal "may come in weeks."
BP could use the relief. Over the last three months, its shares are off almost 25% while the stock of rival Exxon Mobil (XOM) is only down 10%.
Douglas A. McIntyre
http://feeds.feedburner.com/~f/typepad/RyNm?i=BHu5mK</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=BHu5mK) http://feeds.feedburner.com/~f/typepad/RyNm?i=3JzAnK</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=3JzAnK) http://feeds.feedburner.com/~f/typepad/RyNm?i=50ORGk</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=50ORGk)
complete story here... (http://www.247wallst.com/2008/08/a-tiny-ray-of-h.html)
http://www.247wallst.com/images/2008/08/27/russia.jpg</img> (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2008/08/27/russia.jpg)In the midst of the military and political fiasco in Georgia, it would be easy to believe that Russia could withdraw from a number of contracts it has with the West.
It appears that Moscow is prepared to honor a deal which many observers believe that it controls through allies of the Kremlin, the arrangement behind the joint venture called TNK-BP. According to (http://www.reuters.com/article/ousiv/idUSLR7119420080827) Reuters, "The crisis at TNK-BP, which produces a quarter of BP's worldwide oil output, hit the headlines after BP accused the Russian side of using 1990s-style corporate raider tactics to grab control of the venture."
Recent meetings between BP management and the controlling shareholder of Russia's interest appear to be making progress and a deal "may come in weeks."
BP could use the relief. Over the last three months, its shares are off almost 25% while the stock of rival Exxon Mobil (XOM) is only down 10%.
Douglas A. McIntyre
http://feeds.feedburner.com/~f/typepad/RyNm?i=BHu5mK</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=BHu5mK) http://feeds.feedburner.com/~f/typepad/RyNm?i=3JzAnK</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=3JzAnK) http://feeds.feedburner.com/~f/typepad/RyNm?i=50ORGk</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=50ORGk)
complete story here... (http://www.247wallst.com/2008/08/a-tiny-ray-of-h.html)