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BP Joint Venture To Sell Russian Unit To Chinese

June 20, 2006

Drilling for oil in Siberia (file photo) (ITAR-TASS)

Drilling for oil in Siberia (file photo) (ITAR-TASS)

June 20, 2006 -- The British-Russian oil group TNK-BP has agreed to sell a major Russian subsidiary, Udmurtneft, to the state-owned Chinese oil company China Petroleum and Chemical Corporation. TNK-BP did not disclose the value of the deal.


TNK-BP is Russia's largest oil producer after LUKoil and Rosneft.


Ownership is split evenly between British Petroleum and a group of Russian investors.


(AP, AFP)

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