TNK-BP blames BP for stalled gas project

A police officer walks past a plaque of the oil firm TNK-BP at its headquarters in Moscow June 11, 2008. The four billionaire Russian shareholders in BP's troubled Russian joint venture, TNK-BP, said on Wednesday they would sue BP in a Stockholm court and launch separate legal actions in Moscow to strip BP-nominated TNK-BP directors of their powers. REUTERS/Sergei Karpukhin (RUSSIA)

Dispute: BP blamed for stalled gas project

SERGEI KARPUKHIN

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Luke Johnson

 24 July 2012 19:28 GMT

TNK-BP said on Tuesday that BP’s lack of support for the Rospan gas condensate project was stalling final approval for the first stage of full-field development.

The claim is the latest chapter in a crumbling partnership between the UK supermajor and a consortium of Russian billionaires known as Alfa Access-Renova (AAR).

TNK-BP management said the board had initially approved the Rospan project last September. The full-field development would allow TNK-BP to increase gas production at Rospan to 16.2 billion cubic metres per year by 2020 – a two-fold jump – according to a statement.

While AAR-appointed directors supported the proposal, it “did not receive support from BP-appointed directors (and) an alternative proposal from BP’s directors was not supported”, the…

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