BP is currently suffering setbacks in both the U.S. and Russia. BP's $6.15 billion investment in the Russian joint venture TNK-PK is in jeopardy as state-controlled Russian oil companies Gazprom and Rosneft are pressuring BP to sell out its majority stake in the deal. TNK-BP has 10.5 billion barrels of reserves, provides about a quarter of BP’s production. It brings in 15%of BP’s net income. Analysts assume that the Russian government is attempting to shore up control over natural resources. In the U.S., a panel set up to investigate the 2005 Texas oil refinery explosion will release its report today and announced that it will be critical of BP management that ignored safety warnings by lower-level employees. The report is expected to support the prosecution in the lawsuit brought on behalf of those who were killed or injured in the blast. The report chastises BP management for "systemic failures". In other BP news, CEO John Browne, announced his retirement last Friday.
• Sources: NYTimes, Bloomberg, Financial Times
• Related commentary: With So Much Negativity, BP's Worth a Look, Fuel For Thought: Which Integrated Oil Company Should You Own?, 2007 Energy Investment Strategy: Pick the Laggards, BP Under Investigation -- Again
• Potentially impacted stocks and ETFs: BP plc (BP) ETFs: BLDRS Europe 100 ADR Index (ADRU), iShares NYSE Composite Index (NYC)
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