BP boss attempts to resolve $1bn tax bill

With BP’s Russian venture dealing with a $1bn (£523m) tax bill, group chief executive Lord Browne of Madingley is set to hold talks with Russia’s president, Vladimir Putin, this week to resolve the issue.

The $8bn joint venture, known as TNK-BP, was created in 2003 to much fanfare. But Russian tax authorities are aiming to clamp down on it.

The discussions should focus on why the authorities are demanding these monies, when it was believed that the venture had the blessing of the Kremlin, according to The Times.

Lord Browne is reportedly seeking assurances on further oil projects that BP could undertake in the area.

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