Putin Backs BP Partnership With Rosneft After Meeting Dudley

Vladimir Putin backed a drilling partnership between BP Plc and state-run oil producer OAO Rosneft, a signal last year’s U.S. oil spill won’t hold back the U.K. company’s operations in Russia.

The government supports cooperation between Rosneft and BP on offshore projects in Russia and other countries, the Russian prime minister said yesterday in a meeting with BP Chief Executive Officer Robert Dudley near Moscow. The two companies may start by drilling in the Arctic Ocean and the government could back the project with tax breaks, Putin said.