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Thursday, 24 July, 2008, 10:40 GMT | more prices >>

Hayward kicks TNK rumours into touch



By Upstream staff 

BP has no intention of selling its interest in its Russian joint venture TNK-BP, BP chief executive Tony Hayward said today.

We are very happy with our stake in TNK-BP. We have absolutely no intention of selling it at all," Reuters reported Hayward said following a speech on energy security he gave in Houston.

Hayward confirmed that BP, which has a 50% stake in TNK-BP, had been in recent talks with Russia's Gazprom about the project's giant Kovykta natural gas field in eastern Siberia, which Gazprom wishes to buy.

Hayward added that surging oil prices, approaching $100 a barrel, were being driven by strong market fundamentals and not speculators.

The comment comes in direct opposition to comments from Opec officials, who have blamed oil's record rally on speculative investment and not any shortage of supply.

"I don't think it is reasonable to blame the traders for the froth in the market," Hayward said.

Hayward said BP is on track to start up its 200,000 barrel-per-day Atlantis oil platform by the end of this year, and that its damaged Texas City oil refinery would reach full crude processing rates by the first quarter of 2008.

He added that surging oil prices, approaching $100 a barrel, were being driven by strong market fundamentals and not speculators.


Thursday, 08 November, 2007, 20:08 GMT  | last updated: Friday, 09 November, 2007, 00:52 GMT

On the ball: BP chief executive Tony Hayward
 

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