Royal Dutch Shell Group .com Rotating Header Image

BP Russia chief expected to go in new pact

Times Online
September 4, 2008

BP Russia chief expected to go in new pact

BP is poised to resolve a bitter dispute at TNK-BP, its Russian joint venture, that has caused a political firestorm and threatened the British oil group’s future in the region.

Vedomosti, the Russian daily, reports that a deal could be signed today by BP’s chief executive Tony Hayward and leading Russian shareholder Mikhail Fridman.

The agreement is likely to involve a replacement being named for Robert Dudley, the chief executive of the troubled TNK-BP, who has been managing the group from outside Russia for more than a month.

The deal could also lead to a public offering of up to a fifth of TNK-BP’s shares.

BP has been locked in a fierce dispute with some its Russian shareholders, including Mr Fridman, about the way the 50-50 joint venture is managed.

Mr Dudley, who left Russia after failing to have his visa renewed, has complained of a targeted harassment campaign, with questions being raised about whether Moscow is quietly trying to seize control of the venture and evict the British group.

TNK-BP’s new boss would be independent and would have less authority over the group than Mr Dudley.

BP was not immediately able to comment on the report.

This website and sisters,,,, and, are owned by John Donovan. There is also a Wikipedia segment.

Comments are closed.