BP Still Committed to Russia Despite TNK-BP Withdrawal

CEO of BP Bob Dudley has said that BP remains committed to Russia, despite a planned withdrawal from TNK-BP.

"We remain committed to Russia," the Wall Street Journal reports Mr. Dudley as saying, with the company retaining its interests in several other projects in Russia.

Earlier this month, BP said that it intended to sell its 50 per cent share in joint venture TNK-BP following an unspecified number of unsolicited inquiries of interest in the company.

"In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova [BP's partner in TNK-BP] of its intention to pursue a potential sale," a statement on the 1st of June said. 

 BP is still heavily involved in Russian gas and oil in various ways, even without its involvement in TNK-BP, which employs 65,000 people. The company sources over 40 million tonnes of crude oil and products from Russia and CIS through its Integrated Supply and Trading (IST) arm. 

However, its withdrawal from TNK-BP, as well a withdrawal in January this year from the Sakhalin-5 gas project, in which it holds a 49 per cent stake, will see the company's gas and oil interests in the country diminish significantly.