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EU welcomes BP-Gazprom deal

Other News Materials 23 June 2007 12:22 (UTC +04:00)

( Irna ) - The European Union welcomed Friday an agreement between the British oil BP and Russian state-run Gazprom on the Kovytka gas field in Siberia.

Earlier, BP's Russian joint venture TNK-BP agreed to sell Gazprom its majority interests in the Kovykta field for between $700m-$900m.

EU Commissioner Andris Piebalgs in a statement said the EU "expects this agreement will have a positive impact on the investment climate in Russia since the deal recognises investments already made by TNK - BP in the Kovytka project."

The EU welcomes intention to create an strategic alliance between Grazporm and BP for investment in long-term energy projects which will thus contribute to EU's security of supply, added the statement.

Russia is a major energy supplier to the EU.

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