Gazprom says Kovykta deal with BP to be delayed

Gazprom has confirmed an agreement with UK oil giant BP PLC relating to the Kovykta gas project in Russia will not be signed on Saturday December 1st as planned.

The pair in September decided to delay the signing of the agreement, which will give Gazprom a 62.89 percent stake in Rusia Petroelum, the Kovykta field license holder, to Dec 1. They said negotiations are taking longer than expected because of the complexity of the deal, worth around US $700-$900 million.