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5 Jun, 2008 15:52

BP chief’s 3-point plan for Russian oil sector

The chief executive of BP Tony Hayward has called on Russia to respect property rights and be consistent in its application of the law. The news comes as TNK-BP authorities say their CEO Robert Dudley was summoned for questioning by Russia’s Ministry of I

Speaking at the Rosneft Annual General Meeting, Mr Hayward added that the government needs to introduce more tax incentives for oil producers to maintain output in Russia.

“Key to the continued successful transformation are 3 things: a fiscal framework that encourages investment, and the recent moves in the oil and gas sector are encouraging in this regard; respect for property rights; and three, the consistent application of the rule of law,” Hayward said.

He is likely to have talks with Russian shareholders soon in order to resolve the ongoing dispute.

Meanwhile, the British and Russian shareholders of the joint venture continue the battle for control. The questioning of Mr Dudley as part of a criminal investigation into possible large-scale tax evasion has added pressure on BP.

TNK-BP is a jоint venture of BP and Russia’s AAR consortium.