Russia threatens to sue TNK-BP over alleged oil spills in Siberia

BP’s joint venture in Russia was last night threatened with legal action from the government in connection with alleged oil spills in Siberia.

Shares in TNK-BP, which accounts for 29 per cent of BP’s total production and 27 per cent of its reserves, slumped five per cent after natural resources and ecology minister Yuri Trutnev told a government meeting that he had ordered an regulator to file a lawsuit against TNK-BP.

Trutnev blamed the company’s generous dividend investment policy for the alleged spills. “They have enough resources to increase the investment threefold and fix the pipelines in five to seven years,” Trutnev said.

TNK-BP said last night that “historical problems with the region’s pollution are well-known,” adding that it was “open for cooperation.”