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Tuesday, 02 December, 2008, 23:30 GMT | more >>

TNK-BP partners table new offer


News wires

The Russian shareholders in TNK-BP have proposed settling a dispute with BP over control of the joint venture by having their representatives step down in return for BP appointing a chief executive who does not come from the UK supermajor.

Stan Polovets, chief executive of the Alfa-Access-Renova (AAR) consortium representing the Russian billionaire co-owners, said BP should remove TNK-BP boss Robert Dudley, a former BP executive, because he was not acting in the interests of all shareholders, wrote Reuters.

Polovets said if BP removed Dudley, AAR would be happy to see, at a later date, their representatives on the company's management, including billionaires German Khan and Viktor Vekselberg, step down.

Polovets also said plans to sell TNK-BP's interest in the giant Kovykta gas field to state-controlled Gazprom, a plan backed by BP, is flawed.

"We believe that there are a number of modifications that are required," said Polovets.

"BP is ready to sign because it's in BP's strategic interest in relation to Gazprom."

Under the shareholders agreement between BP and the Russian partners, BP has the right to appoint TNK-BP's chief executive.


Wednesday, 25 June, 2008, 12:27 GMT  | last updated: Thursday, 26 June, 2008, 08:28 GMT

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