Medvedev says mistakes led to BP deal's collapse

18th May 2011, Comments 0 comments

President Dmitry Medvedev on Wednesday admitted his government had made mistakes that lead to this week's collapse of Russia's historic Arctic exploration agreement with the British energy firm BP.

"Those preparing this deal should have been paying more attention to the nuances of the shareholder agreements and the legal issues that always arise in the course of such major documents' preparation," Medvedev told reporters.

"We should have conducted more detailed inter-governmental due diligence. ... And this, I think, was not done, which in the long run led to complications and problems with the other shareholders," he said in his first comments since the deal's Monday collapse.

The tie-up's collapse left Russia's state-run Rosneft without a partner who could provide it with the equipment and technological know-how to tap the remote fields and then deliver their oil to market.

© 2011 AFP

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