SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 22 June 2007
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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June 22, 2007
BP AND TNK-BP PLAN STRATEGIC ALLIANCE WITH GAZPROM
AS TNK-BP SELLS ITS STAKE IN KOVYKTA GAS FIELD
BP and TNK-BP today announced that they have signed a memorandum of
understanding to create a strategic alliance with the Russian gas giant,
Gazprom, to invest jointly in major long-term energy projects or swap assets
around the world.
In a move designed to extend Gazprom's access to international markets and
deepen BP and TNK-BP involvement in Russian oil and gas, the companies will
establish a joint team to identify strategic opportunities for investment both
overseas and inside Russia.
"We will initially be looking for projects of at least $3 billion, but the
potential for further growth could be very significant," said BP chief executive
Tony Hayward. "This historic agreement lays the ground for powerful co-operation
between BP, TNK-BP and Gazprom."
Dr Hayward said the companies would immediately set up a joint steering group to
look for suitable investment options "across all geographies."
"Our firm aim is to establish a venture that is strategic and long term, with
mutual benefits for the companies, both inside and outside Russia."
Under the terms of the agreement signed by all parties, TNK-BP agreed to sell
Gazprom its 62.89 per cent stake in Rusia Petroleum, the company which holds the
licence for the Kovykta gas field in East Siberia. It will also sell its 50 per
cent interest in East Siberian Gas Company (ESGCo), the company constructing the
regional gasification project.
Gazprom will pay between $700-$900 million, subject to adjustments, for TNK-BP's
interests in Rusia and ESGCo.
TNK-BP said a longer-term 'call' option for TNK-BP to buy a 25 per cent plus one
share stake in Kovykta at an independently verified market price, had also been
agreed with Gazprom. This option could be exercised once a significant joint
investment or asset swap has been agreed under the terms of today's memorandum
of understanding.
President and CEO of TNK-BP, Bob Dudley noted: "This is an important development
in the future growth of TNK-BP. We look forward to broadening our working
relationships with Gazprom and BP and to further developing our Russian asset
base as well as securing access to material additional opportunities for
TNK-BP."
Notes to editors:
- BP is one of the world's largest energy companies. It operates across
six continents and employs around 97,000 people worldwide. Its products and
services are available in more than 100 countries and it explores for and
produces oil and gas in 26 countries. BP has made Russia a key element of
its long-term growth strategy and has conducted business there for more than
15 years.
- Gazprom is Russia's largest company and the world's largest producer of
natural gas. It holds about one quarter of total world gas reserves. Gazprom
exports gas to 32 countries within and beyond the FSU. In 2005 the company
sold 156.1 billion cubic metres of gas to European countries and with 76.6
billion cubic metres to the CIS and Baltic states.
- TNK-BP is the third largest oil company in Russia. In 2006 it produced
1.9 million barrels of oil equivalent a day. It is owned and managed jointly
by BP and Alfa Access Renova group.
- The Kovykta gas field is located some 450 kilometres from the city of
Irkutsk in the north of the Irkutsk region of Eastern Siberia. It has
estimated resources of approximately 2 trillion cubic metres of gas in
place.
For further information contact:
BP Press Office: +44 (20) 7496 4076
TNK-BP Press Group:
Marina Dracheva: + 7495 363 6580
Alexander Shadrin: + 7495 745 7846
Vladimir Bobylev: + 7495 745 7846
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 22 June 2007 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary