On board: former German Chancellor Gerhard Schroeder
Ex-Chancellor Shroeder joins TNK-BP
UK supermajor BP said former German Chancellor Gerhard Schroeder is to join the board of its Russian joint venture, TNK-BP, as one of three new independent directors appointed as part of a peace deal with BP's oligarch partners.
In a statement released today, BP said James Leng, the chairman designate of Rio Tinto, and Alexander Shokhin, president of the Russian Union of Industrialists & Entrepreneurs, would also join the board.
BP and its billionaire partners, Alfa-Access Renova (AAR), have agreed to appoint the three directors to avoid the risk of deadlock between the 50:50 owners of the joint venture, said BP.
AAR and BP, who spent much of last year locked in a bitter battle for control of TNK-BP, will be represented on the 11-strong board by four directors from each side.
Last week the parties finalised a deal under which BP conceded some control to AAR, the consortium owned by the billionaires.