BP gives in to Russian gas field sale pressure
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British oil firm BP has agreed to sell its stake in a massive Siberian gas field after facing increasing pressure from Russian authorities.
It is the latest example of the Kremlin forcing out Western energy firms in favour of its home-grown energy giant Gazprom.
BP's Russian joint venture TNK-BP has agreed to sell its majority interests in the giant Kovykta field to the Russian firm.
Gazprom will pay between $800 million and $1 billion.
Analysts say that is a fraction of what the gas field is worth.
The Kovykta field is said to have enough gas to supply all of Asia for five years.
Russian authorities had accused TNK-BP of not producing enough gas from the Kovykta field.
They had threatened to revoke the licence for not meeting production timetables.
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