bob dudley. promised to put mentioned that the joint venture could receive tax breaks in wage and mount and for how long the didn't specify. i don't believe he specified i was actually at that meeting but i don't believe he specified best based on everything i've seen and heard from from my colleagues at the company. and i also think i would say two things i think brakes or the word often used in russian. i think is is inappropriate i think what would needs to be discussed here is a workable tax regime which takes into account the amount of capital that will be put at risk during expiration face. the duration of which that capital is at risk and then the amount of capital which will be need to need to be spent on development and it's a very different economic model if you will than production whatsoever so we are working at the request of prime minister putin together with b.p. to prepare a proposal as to what the tax regime would look like and we think there are a number of the presidents in the

do when an environmental disaster like this happens so they're not they're not green in any way bob dudley again talks about how contrite they were and what they're going to do to make sure that another disaster doesn't happen let's hear what he had to say. it's been working with ross now for twelve years now and we've been working on york to for us since two thousand and five with ross staff working with sokal and i know our capabilities are exploration capabilities and i think to be honest we learned a lot about what happened in the gulf of mexico. can the company to the core we're going to remove focus on safety. and the technology of this new for the environmental care of what we do this is a project that they're looking at looking at over a term of about fifty year is so these reserves are still unproven in the oil and gas reserves in the arctic so one of the first things that they'll be doing doing is looking to see just how much oil and gas is down there. it's not clear when we're going to see them actually drilling a hole in the ground and bringing out so we just have to wait and s

bob dudley was brought in the specifically to rehabilitate the reputation of the company if you like following that disaster and he's certainly going a long way towards doing that he talks a lot about it talks about how much they've learned and the chairman of ross sniffed actually said to me expression which basically translates as once bitten twice shy he thinks that specifically because b.p. suffered this disaster and was blamed for it particularly by the americans they will think twice about what they're doing next time so a company like that will have been versed in what to do when an environmental disaster like this happens so they're not they're not green in any way bob dudley again talks about how contrite they were and what they're going to do to make sure that another disaster doesn't happen let's hear what he had to say has been working with ross now for twelve years now and we've been working on the arctic for us since two thousand and five with ross stuff working with charcoal and i know our capabilities are exploration capabilities and i think to be honest we learned a

chief bob dudley says he's very excited about the project which will make both companies much stronger i would look at this in terms of the share swap and say that both companies absolutely believe that both companies are undervalued today and what we have is a swapping of shares that creates an alignment of interest to increase the value of both shares and that is probably one of the best alignment mechanisms that i know the swapping of sixteen billion dollars of value with one out of every twenty shares of b.p. held by ross taft and whatever ten shares of ross that held by b.p. this is a very aggressive start and i think it's very promising for us. now russian lawmakers have approved the new start nuclear arms reduction pact between moscow and washington in the second of three readings bringing it one step closer to reality president obama and medvedev signed the treaty last year but it needs approval by the russian duma the u.s. senate which completed the process late last year it now faces a final decision from russian deputies as artie's natalia novick of all reports this is the b

bob dudley says they've got the life experience has been working with us now for twelve years now and we've been working on the arctic for since two thousand and five with ross staff working with our capabilities our expression capabilities and i think to be honest we learned a lot about what happened in the gulf of mexico shaken the company to the core we're going to focus on safety and respond as technology for the environmental care what we do the russian government's behind the deal and prime minister putin says all parties are ready for the child but. i would like to let you know that the government of the russian federation supports this joint operation this is a project that could become global and have a significant influence on the world's oil and gas industry. arctic reserves are estimated to be five billion. and ten trillion cubic meters of. such a project may require tens of billions of dollars of investment in technology and we are fully aware of the research which is the optics the highly contentious area with many parties wanting a slice of the potentially lucrative pie

and russia have been fraught in the past the firm's new chief bob dudley used to be the c.e.o. of the russian joint venture team. but had to quit and leave the country following disagreements with russian shareholders russian prime minister putin met with the representatives of the british oil giant and congratulated them on the deal. i would like to let you know that the government of the russian federation supports this joint operation this is a project that could become global and have a significant influence on the world's oil and gas industry russia's arctic reserves are estimated to be five billion tons of oil and ten trillion cubic meters of gas such a project may require tens of billions of dollars of investment and state of the art technology and we are fully aware of the risks involved. the pivotal nuclear arms reduction pact between moscow and washington has passed another significant milestone on its way to becoming reality after russian lawmakers approved it in a second of three readings the treaty signed between president medvedev and obama last year has already b

and russia how did it fall to pass the firm's new chief bob dudley used to be the c.e.o. of the russian joint venture. beat but he had to quit and leave the country following disagreements with the russian shareholders russia's prime minister putin met with the representatives of the british oil giant and congratulated them on the deal. but. i would like to let you know that the government of the russian federation supports this joint operation this is a project that could become global and have a significant influence on the world's oil and gas industry russia's arctic reserves are estimated to be five billion tons of oil and ten trillion cubic meters of gas such a project may require tens of billions of dollars of investment and state of the art technology and we are fully aware of the risks involved. with b.p. chief robert dudley says he is very excited about the project which will make both companies much stronger i would look at this in terms of the share swap and say that both companies absolutely believe that both companies are undervalued today and what we have is

bob dudley says the company learns a lot from that and they're ready to move into the delicate environment we've been working with ross now for twelve years now and we've been working on the york to for us since two thousand and five working with cycling you know our capabilities our exploration capabilities and i think to be honest we learned a lot about what happened in the gulf of mexico shaken the company to the core renewed focus on safety and risk management and the technology that's new for the environmental care of what we do the deal is a two way street the russian government's probably is to create a favorable economic environment meanwhile b.p. hopes it will improve russia's investment climate. reporting there now x. birds are calling the deal a huge boost for both companies and countries international trade consultant philip says b.p. has plenty riding on russian potential and b.p. has invested so much in russia they cannot step away the stage and russia still needs the expertise of western oil companies in its mutual interest and it's interesting because you know they had to s

bob dudley says they've got the life experience. has been working with us now for twelve years now and we've been working for us since two thousand and four working with. and i think to be honest we learned a lot about what happened in the gulf of mexico and the company's core focus on safety and risk management. for the environmental care of what we do the russian government's behind the deal and prime minister putin says all parties are ready for the challenge but you're proving that with the systems i would like to let you know that the government of the russian federation supports this joint operation this is a project that could become global much can have a significant influence on the world's oil and gas industry russian's arctic reserves are estimated to be five billion tons of oil and ten trillion cubic meters of gas such a project may require tens of billions of dollars of investment and state of the art technology and we are fully aware of the recent which is the optics a highly contentious area with many parties wanting

well i just had a long chat with bob dudley the new head of b.p. the oil giant and he's looking forward to the signing of closer ties with ross and if that happens four thirty local time we expect them to raise their shareholdings and each other really continue to move towards development of the really the new frontier in oil exploration and president medvedev is expected mr dudley told me the president medvedev would be at that signing of the that president medvedev of russia goes on to give a speech where the priority is expected to be welcoming investors and promising them their shareholdings all entirely safe of course that comes on the background of the holocaust the trial at the moment and other issues which of raise some doubts in the west over the safety of investments in russia retributive will say that in order to transform russia to a knowledge based economy over the coming years from a resource base one that really needs foreign expertise and for that it needs to guarantee foreign to foreign investment general bushnell reporting from th