Gazprom threatens to pull out of deal in key gas site

The threat reflects the financial pressure on Gazprom, which is being forced to focus on its essential investments in relatively short-term projects.

Gazprom agreed to buy TNK-BP's 63 per cent stake in Kovykta, a field in eastern Russia, in June last year as part of a settlement to resolve a dispute over the licence for the field.

It agreed to pay $700m-$900m for the stake, and also signed a memorandum of understanding with BP to set up a $3bn joint venture to develop projects inside and outside Russia.

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