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(BBC)   Wriggling out of deal in Russia has BP greasing investors' palms with $8 billion buyback in shares   (bbc.co.uk ) divider line
    More: Followup, TNK-BP, share buyback, Russia, Rosneft, joint ventures, Russians, Carl-Henric Svanberg  
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1021 clicks; posted to Business » on 22 Mar 2013 at 8:24 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-22 08:39:31 AM  
Well, it looks like BP made it out with a profit but the details in the article just reinforce what I've felt for a long time: never, ever do business in Russia.  The locals will screw you six ways from Sunday because it is largely a kleptocracy.

In fact you'd have better luck violating Monty's first rule of war.
 
2013-03-22 03:03:41 PM  
That's hilarious.  I remember when they got into this deal and at the time The Economist predicted they would get burned by it because (get this) they had just been burned by Russia a few years earlier.  BP basically said "this time things will be different."

There's a reason my supermajor investment isn't in BP.  Their dividend sucks too.  If you've owned BP for the last five years you've wasted your money.
 
2013-03-22 04:10:19 PM  

Rapmaster2000: That's hilarious.  I remember when they got into this deal and at the time The Economist predicted they would get burned by it because (get this) they had just been burned by Russia a few years earlier.  BP basically said "this time things will be different."

There's a reason my supermajor investment isn't in BP.  Their dividend sucks too.  If you've owned BP for the last five years you've wasted your money.


Enh, I made out nicely with BP purchase right after the oil spill.  Sold it once the stock rebounded, but it was a nice deal.
 
2013-03-22 05:17:05 PM  

ha-ha-guy: Rapmaster2000: That's hilarious.  I remember when they got into this deal and at the time The Economist predicted they would get burned by it because (get this) they had just been burned by Russia a few years earlier.  BP basically said "this time things will be different."

There's a reason my supermajor investment isn't in BP.  Their dividend sucks too.  If you've owned BP for the last five years you've wasted your money.

Enh, I made out nicely with BP purchase right after the oil spill.  Sold it once the stock rebounded, but it was a nice deal.


Well, I meant holding it.  BTW, good move.  I thought about making that purchase, as I love to buy on bad news, but I didn't go for it.
 
2013-03-23 05:10:39 PM  

Rapmaster2000: Their dividend sucks too.


5% from a vertically integrated major sucks?
 
2013-03-24 05:40:27 AM  

JasonOfOrillia: Well, it looks like BP made it out with a profit but the details in the article just reinforce what I've felt for a long time: never, ever do business in Russia.  The locals will screw you six ways from Sunday because it is largely a kleptocracy.

In fact you'd have better luck violating Monty's first rule of war.


What does failing to wear a jaunty beret have to do with this?
 
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