[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 10 November 2006, 13:17 GMT
TNK-BP settles $1.4bn Russia bill
BP logo outside petrol station
TNK-BP contributes considerably to BP's output
TNK-BP, the oil and gas firm 50%-owned by BP, says it has settled a back-tax bill owed to the Russia authorities - reported to be worth $1.4bn (752m).

The payment comes amid increasing pressure from the Kremlin over projects part-operated by foreign investors.

TNK-BP's Rospan division has been threatened with prosecution, as have the operators of the Sakhalin-2 project - led by Anglo-Dutch oil giant Shell.

The bill is thought to be the second largest ever paid by a Russian firm.

A $27.5bn claim by Russian authorities against Yukos, which the firm always argued was politically motivated, resulted in it going bankrupt.

TNK-BP's project in the Kovyktas gas field in east Siberia is under investigation by prosecutors who say the licence could be withdrawn because of breaches .

Some analysts argue that the pressures are being imposed to encourage Russian shareholders to sell-up, allowing a Russian state firm such as Gazprom to muscle in on the project.


SEE ALSO
Russia launches probe at TNK-BP
09 Nov 06 |  Business
Sakhalin operator 'breaking law'
25 Oct 06 |  Business
Bumper oil prices lift BP profits
08 Feb 05 |  Business
BP fined over offshore gas leak
16 Nov 04 |  Scotland
Profitable times for BP
27 Apr 04 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific