Jan 14, 2011: Markey Statement on BP Share Deal with State-owned Russian Oil Giant

Calls for CIFUS Review of Deal If BP America Affected

Contact: Eben Burnham-Snyder, Natural Resources Committee Democratic Ranking Member Ed Markey, 202-494-4486

WASHINGTON (January 14, 2011) – Reacting to reports of a major share-swap between BP and the Russian state-owned oil company Rosneft, Rep. Edward J. Markey (D-Mass.) issued the following statement. Rep. Markey, who is the top Democrat on the House Natural Resources Committee, called for a thorough analysis of the agreement. If the deal is found to affect the operations of BP America, Rep. Markey says the Committee on Foreign Investment in the United States, a Treasury Department entity tasked with reviewing and acting upon the national security implications of foreign investments, should analyze the deal. In 2009, BP was the top petroleum supplier to the United States military.

“Even following the largest oil spill in U.S. history, and potentially billions of dollars in fines still outstanding, the Russian Bear is apparently bullish about BP. This acquisition will almost certainly complicate the politics of levying and collecting damages from BP following their Gulf of Mexico oil spill.

“BP once stood for British Petroleum. With this deal, it now stands for Bolshoi Petroleum.

“The details of this deal and its impacts on the operations of BP America need to be thoroughly examined. If this agreement affects the national and economic security of the United States then it should be immediately reviewed by the Committee on Foreign Investment in the United States. Additionally, the U.S. State Department should closely monitor this transaction.”