Congressman calls for scrutiny of BP deal

NEW YORK Sat Jan 15, 2011 10:28am EST

Related Topics

NEW YORK (Reuters) - A Congressman involved in energy policy called on Friday for greater analysis and scrutiny of BP Plc's share swap with Russia's state-controlled Rosneft, citing security concerns among other issues.

"The national security implications of BP America being involved with the Russian company-that does require scrutiny by the Committee of Foreign Investment (CFIUS) in the US," Michael Burgess, a Republican from Texas said in an interview on CNBC's Kudlow Report

On Friday, oil major BP Plc said it would swap 5 percent of its shares, worth $7.8 billion, for 9.5 percent of Rosneft, and the two companies would jointly develop offshore Arctic oil and gas fields in Russia.

Burgess, a member of the House Energy and Commerce Committee, said there is a concern given that BP is one of the largest suppliers of energy to the U.S. military.

The Congressman said there needs to be more emphasis in developing U.S. energy and jobs.

"BP unfortunately has not been a great player either in the oil pipeline in Alaska and in the Gulf of Mexico," Burgess said. "We have had serious problems there."

(Reporting by Nadia Damouni and Ritsuko Ando; Editing by Bernard Orr)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article