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Posts on ‘January 19th, 2011’

BP’s Exploration Plans in the Arctic of Russia Draw Opposition From Partners

A version of this article appeared in print on January 19, 2011, on page B3 of the New York edition.

By ANDREW E. KRAMER and JULIA WERDIGIER

MOSCOW — The British petroleum giant BP’s new deal to explore the Russian Arctic in partnership with a state-owned oil company has drawn protests from a group of private Russian investors with whom BP has a separate partnership.

The Russian private partners of BP’s separate and longstanding joint venture here, TNK-BP, say they were not adequately consulted about the Arctic exploration agreement that BP announced on Friday with the state-owned Rosneft.

On Tuesday, a representative of the TNK-BP partners said the Rosneft deal violated a 2003 shareholder agreement that required BP to first consult the management of that joint venture before negotiating new business with others in Russia or Ukraine. read more

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