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Wednesday, September 05, 2007

BP Offers Gazprom Trinidad LNG for New Joint Venture

 © MN23/08/2007 – MOSCOW (Reuters) - Oil major BP Plc has offered to contribute part of its liquefied natural gas business in Trinidad and Tobago to its global venture with Russia's gas monopoly Gazprom, a Russian business newspaper reported on Thursday. Gazprom, BP and TNK-BP agreed to set up a global venture earlier this year following Gazprom's acquisition of the giant East Siberian Kovykta field from TNK-BP. The three firms agreed they would set up a bigger gas venture. Gazprom's contribution would be represented by Kovykta, TNK-BP would contribute its other Russian gas assets, including Rospan, while BP's contribution has yet to be defined. Gazprom, the world's largest gas producer, already supplies a quarter of Europe's gas needs, but wants to expand into the fast growing United States LNG market.

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