What do you think of BP selling part to the Russians

I would say that you have summed it up well, I would be interested to hear Donk's views on this seeing that he has worked in the field.

Hi darry, about 79% of BP shareholders are institutions with roughly 33% UK, 25% USA, 10% Europe and the rest (11%) in other parts of the world. The other 21% are individuals. So the 5% the russians obtained in the "swap" will just alter that mix slightly. For me the deal that allows BP to explore oil/gas in the Artic is good news for UK. BP will undoubtably use local contractors where possible (I expect Rosneft will insist on it) but from my experience the real expertise will come from BP UK and BP's contractor's in the UK. I am quite optimistic that this venture will improve the UK economy and create jobs. I worked with Shell (Gazprom) on the Sakhalin Island Project about three years ago and all the management were UK and the design for the platforms, pipeline and processing plants, was done in the UK, and most of the senior workforce at the sites were from the UK.

Actually the price of crude is not set by BP at all - and BP's petrol price at the pump gains BP about 1-2p per litre in profit. Most of the revenue from fuel is taken by the government in tax, i.e. fuel tax and VAT is about 80p/litre and the rest is for the crude oil and refining costs.

Bp shares should still be a good buy after this news; now they will have Russian expertise and access to the Russki Mafia to open up lots of lucrative pies!
>;O)

I totally agree with Donk that this will be good for the UK economy, especially as I'm sure a lot of BP shares are held by pension funds.

Might be a good thing for UK/Russia relations too.

TO be honest I do not know what to think, it's just another pie another country has dipped into. I guess all I'm really interested in is the price I pay and I will still never use BP as they are to expensive where I live and I do not like the way they have to be that penny more or so, it gets up my goat because they are greedy.