TNK-BP may invest 2 billion dollars in Ukraine: report

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BP's Russian joint venture TNK-BP plans to invest up to two billion dollars in gas exploration in Ukraine, Russian news agencies reported on Wednesday.

TNK-BP executive director German Khan told reporters on a visit to Ukraine that his company hoped to begin exploring for gas in eastern Ukraine and the company could invest up to two billion dollars over the next 25 years.

Khan said his company was set to sign a preliminary cooperation agreement with the Ukrainian government later Wednesday.

The news came as Russian Prime Minister Vladimir Putin was in Kiev for talks on cooperation in oil, gas, aviation and agriculture.

Russia and Ukraine are stepping up cooperation in energy. In a visit to the ex-Soviet neighbour in April, Putin caught Ukraine's leaders off guard by proposing a merger between Russia's Gazprom, the world's largest gas firm, and Ukraine's gas company Naftogaz.

© 2010 AFP

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