BP chief says co. won`t cut its share in JV in Russia
British oil major BP does not plan to cut its share in Russia-based crude producer TNK-BP, the company`s CEO said Monday.

British oil major BP does not plan to cut its share in Russia-based crude producer TNK-BP, the company`s CEO said Monday.
Speaking at an investment forum in the Russian capital, Tony Hayward said BP would maintain the 50-50 ownership structure in the joint venture, which has so far proved successful.
He also said the company would continue investing in Russia. BP has contributed $45 billion in taxes to the Russian budget over the past four years, he said.
TNK-BP, the third largest oil producer in Russia, is entangled in a protracted dispute with the authorities and state-controlled energy giant Gazprom [RTS: GAZP] over the operating license for the giant Kovykta gas field held by its subsidiary, Rusia Petroleum. The license regulator is considering revoking the license, citing the company`s underproduction.
Hayward said dialogue with Gazprom on Kovykta was "detailed and effective." TNK-BP reportedly offered the gas monopoly different cooperation options for the East Siberian field, including establishing a holding with a controlling stake for Gazprom.
The formal status of negotiations between TNK-BP and Gazprom is unknown.