Skip to main content

Russia: BP Joint Venture

Volume 703: debated on Monday 14 July 2008

asked Her Majesty's Government:

What representations they have made to the Government of Russia regarding BP's joint venture with Teekay Tankers Ltd. [HL4604]

While this is primarily a commercial matter, the Government have consistently made clear to the Russian Government our concerns about the dispute involving the joint venture between Russian shareholders and BP in TNK-BP. It sends a worrying signal to investors about doing business in Russia.

My right honourable friend the Prime Minister raised the TNK-BP dispute when he met Russian President Dmitri Medvedev at the Group of Eight leading industrialised nations (G8) summit in Japan on 7 July. We have also raised TNK-BP with Russian Government Ministers and senior officials. EU President Barroso and EU Commissioner Mandelson raised the issue with President Medvedev at the recent EU-Russia summit.