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TNK-BP's Kovykta Licence Holder Files Bankruptcy

Source: Reuters 6/3/2010, Location: Asia

Russia's TNK-BP TNPBI.RTS, half-owned by BP, said that the subsidiary which holds the licence to the huge Kovykta gas field has filed a petition to initiate bankruptcy proceedings.

TNK-BP said the RUSIA Petroleum subsidiary is unable to repay loans it granted earlier.

"TNK-BP announced its original decision to withdraw from the Kovykta project back in 2007," it said in a statement. "As the major shareholder and creditor of RUSIA Petroleum, TNK-BP is determined to recover its investments and minimize its financial losses."

TNK-BP also said it "will resort to the procedures prescribed by the current legislation" to recover its losses.

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