Russia: Gazprom, BP and the Short End of the Stick

Gazprom purchased BP's 63 percent share in the Kovykta natural gas field on June 22. The agreement is a major blow to BP; the company gets only a fraction of the cost of the field and has lost out on a major investment in a country where it has invested millions. The deal with Gazprom gave BP one consolation prize: It is allowed to stay in Russia through its TNK-BP venture — at least for now.