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What BP really thinks of Russia: It’s corrupt, inefficient and dominated by Putin’s...

What BP really thinks of Russia: It’s corrupt, inefficient and dominated by Putin’s security friends, according to internal documents. Despite its acrimonious exit from TNK-BP, the company is staying in the country, as it is keeping its oil products operations there and plans to hike its stake in Rosneft to 19.8%. So BP's public upbeat pronouncements hardly match its blunt private views.
Comments (8)
  • Duh, now there's a news flash. BP must think they have Putin and company bought but these guys are adverse to anybody making money in Russia except themselves and they'll stay bought only until the investments and infastructure are made. Then BP will be squeezed out with some excuse such as taxes. BP is probably good for a trade as it will pop once it settles over the gulf spill but after that I'd sell.
    14 Feb 2013, 11:13 AM Reply Like
  • BP's management has proven to be both stubborn and stupid in dealings with Russia and other not-so-friendly countries. Why go into situations where you know any agreement will be ignored as soon as it suits the powers that be and the "rule of law" is only what they say it is!?
    14 Feb 2013, 11:15 AM Reply Like
  • Because they made a boatload of money while they were involved in the TNK partnerships. That's why they returned for seconds after their first foray resulted in their partnerships' chief executive having to flee the country.
    14 Feb 2013, 02:44 PM Reply Like
  • It appears Exxon is making huge inroads into Russia ... with a company that large they can easily afford to pay the required payments to assure smooth business ... it does appear to be a goverment that works on graft ...
    14 Feb 2013, 11:49 AM Reply Like
  • "Why go into situations where you know any agreement will be ignored as soon as it suits the powers that be and the "rule of law" is only what they say it is!? "

     

    Because you want access to increasingly scarse crude oil reserves?
    ....being an oil company....maybe?
    14 Feb 2013, 01:46 PM Reply Like
  • And BP's stock price has reflected the lack of wisdom of those moves for a long time in this bull market!
    15 Feb 2013, 11:24 AM Reply Like
  • If you've noticed: most or all of the major integrated oil companies' stock prices have been sluggish over the past years. Bp has the added disadvantage of the oilspills' effects still lingering... (which of course is their own fault, the spill that is).
    18 Feb 2013, 03:12 PM Reply Like
  • Where the hell do you trade as an oil company. You have Russia where you made money but you are always looking over your shoulder and your execs had better have a fast exit route.
    You have the Middle East dominated by corrupt Princes and religious fanatics. Look over your shoulder and have a fast exit.
    You have the USA where you have been shafted before and are likely to be again. All done in the name of the courts and the environment but so obviously bent towards US companies it's a joke. It's not just BP on this one look at apple and the rectangular phone fiasco.
    So after looking at that lot Russia doesn't look so bad. The North Sea is OK, Norwegian and British courts there are probably the least corrupt. But a company the size of BP needs more than the North Sea. They are looking at India and some of the recently freed Soviet buffer states.
    I eagerly await the forthcoming trial to see how the blame is laid between BP and Haliburton.
    15 Feb 2013, 10:07 AM Reply Like
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