UK Energy Minister, Russia Deputy PM Discuss UK-Russia Energy Cooperation

LONDON - U.K. Energy and Climate Change Secretary said he met Russian deputy Prime Minister Arkady Dvorkovich and Igor Sechin, the head of Russian state-controlled oil giant OAO Rosneft, in which BP PLC holds a 19.75% stake, in London earlier Monday to discuss U.K.-Russian energy cooperation.

"We were talking about our relationship, BP, [Royal Dutch] Shell [PLC] and other U.K. companies' relationships with our Russian colleagues," U.K. Energy Secretary Ed Davey told reporters at a briefing in London on North Sea oil.

BP gained a stake in Rosneft as part of the Russian oil company's takeover of TNK-BP from BP and its partners, which completed earlier this year. BP expects its stake will lead to direct partnerships to tap Russia's oil wealth both on and off shore, including potentially a long-coveted Arctic deal.

Some investors are jittery about BP's continued deep exposure to Russia following its previous turbulent partnership with the Soviet-born billionaires in the TNK-BP venture.

A joint statement from Mr. Dvorkovich and Mr. Davey welcomed the partnership between U.K. and Russian companies in the oil and gas sector and emphasized that implementation of joint projects in the oil and gas sphere "must be based on mutual benefit."

Talks also focused on the gas and nuclear sectors, as well as energy efficiency, renewable energy and climate change, the statement said.

The two sides agree to establish a regular energy dialogue, with meetings at senior official levels to be held at least twice a year and ministerial meetings to be held annually.

Copyright (c) 2012 Dow Jones & Company, Inc.

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