19 Jan 2011 15:50

BP to make first $1 bln investment in Arctic project with Rosneft

MOSCOW. Jan 19 (Interfax) - BP will invest the first $1 billion in the Arctic shelf project with Rosneft , BP's president in Russia, Jeremy Huck, said in an interview with the Russia Today TV news channel.

Huck said BP would recoup the investment while the fields are being developed. He said BP and Rosneft had agreed to honor their own commitments as set down in existing licenses for the three Arctic shelf properties.