Russian oil may participate in BP project in Asia

China Economic Network Beijing January 21 (trainee reporter Shinking) according to the Russian economic network reported that the President of the Russian oil in Moscow today to reporters that the company may participate in BP's project in Asia.　　He added that negotiations and consultations with BP had entered the discussion stage. He noted that the swap deal with BP would be completed within 3-4 weeks. He explained that BP would issue some of the shares through the deal, while Russian oil could buy back a certain number of shares in the company. He said there were very few stocks – about 0.06% of total capital – that companies would not buy back and that the company would not issue shares, which were not covered in the deal.　　He also announced that Rosneft did not seek to hold TNK, and stressed that strategic cooperation with BP would not touch on TNK's interests, and that the company's claims would not affect the deal between Rosneft and BP. Referring to the joint venture to jointly exploit oil, he said the two sides would submit documents to the Russian Federal Ministry of Finance within three weeks, which were authorized by Prime Minister Vladimir Putin in the course of enactment. The two sides also set up special working groups for this purpose. Russian oil is currently actively applying to acquire the right to oil on the continental shelf, and the company has submitted applications for the exploitation of 25 of the continental shelf oil fields, and once the mining permits are obtained, the company will also invite strategic partners, and of course foreign companies, to participate in mining.　　Earlier, Russian oil had successfully won 17 of the oil fields. At the same time, Russian oil is also actively developing the company's long-term development strategy.　　In the first half of 2011 the company's experts are actively developing this strategy, which will last until 2030. Notably, Russian oil and BP reached an agreement on January 15, 2011 to jointly exploit 3 oil fields on the Arctic continental shelf. The three oilfields are located in Lahaina, where Russian oil obtained their rights from the Russian government on October 11, 2010. These fields may have 5 billion tonnes of oil and 10 trillion cubic meters of natural gas. The company will spend 1 billion dollars in 5-7 years for geological surveys and drilling of 6 wells.　　Rosneft and BP also set up a joint venture, including the Russian oil holding 67%,BP Holdings, 33%, to manage the exploitation of these oilfields. Two companies have also agreed to swap shares. Rosneft will get a stake in bp5%, and BP will get a 9.5% stake in "Russian oil", combined with a stake in the Russian oil IPO in 2006, which has a total stake of 10.8% per cent of Russian oil. The total price of the BP shares traded by Rosneft is about $7.8 billion trillion.