( 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.