The Russian-British joint oil venture TNK-BP...

TNK-BP, a highly lucrative 50-50 joint venture between the British major BP and four Russian billionaires, announced on Tuesday it was set to sign a deal by year"s end with Rosneftegaz, the principal shareholder in Russia"s largest oil company Rosneft, on selling the Kovykta gas condensate field in the Irkutsk region in eastern Siberia for $700-900 million, Kommersant reported.

TNK-BP has attempted to sell the Kovykta gas condensate field for almost three years, although in the summer of 2007 it agreed with Gazprom on its sale for $0.9.1 billion, the paper said.

However, the 2008 global financial and economic crisis prompted Gazprom to revise its plans and put the deal on hold. TNK-BP sees no reason to develop the deposit on its own, considering that Gazprom has been Russia"s sole exporter of gas since 2006, while natural gas prices inside Russia make gas sales on the domestic market unprofitable, the paper said.

Even though TNK-BP has been unable to launch the

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23.05.2011