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Tuesday April 12, 09:31
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BP faces $790 million bill from Russia
(by Olivia Cohen)
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A joint venture effort of BP PLC faced a new obstacle with new back-tax claims totaling 22 billion rubles, or about $790 million.
The move appeared to be a «bad surprise» for BP’s shareholders, according to the WSJ. Viktor Vekselberg, executive director and a major shareholder in TNK-BP, the venture with Russia, said it is bad news for the venture. He also denied any parallel to YUKOS, Russia’s bankrupt oil company. "There can be no risks or parallels to YUKOS here, because we aren’t YUKOS," he said.
TNK-BP promised to fight the claims although its financial exposure is limited, the company said.
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