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BP Loses Kovykta Licence

BP Russian venture TNK-BP is likely to lose its license for the giant Kovykta gas project

BP Russian venture TNK-BP is likely to lose its license for the giant Kovykta gas project, although the Russian government could postpone the tough action until after the G8 Summit and its landmark economic forum.

The state licensing agency is due to meet at around 0800 GMT to review the issue.

If the license is withdrawn this week the Kovykta issue may also emerge high on the agenda of the G8 summit to be held on June 6-8 in Germany.