MOSCOW, Jan. 25 (UPI) -- Russian shareholders managing their end of the Anglo-Russian venture TNK-BP said they want to pursue a more equitable relationship with their partners at BP.
Officials at TNK-BP, a joint venture between BP and Alfa-Access-Renova group, a group representing Russian tycoons, have been at odds over the direction of the board of executives since at least 2008 when Chief Executive Officer Robert Dudley was run out of office.
Disputes over corporate direction and control culminated in the ouster of Dudley, who fled Moscow citing "harassment."
AAR said Dudley was managing the firm as a division of BP, while BP officials worried about the growing influence of Russia in the merger. BP later seated Dudley on its board of directors.
The board in November appointed Maxim Barsky as its next chief executive officer, ending a lengthy deliberation process.
Interim chief Mikhail Fridman said AAR is ready to back away from its heavy role in the company's affairs when Barsky takes office, The Financial Times reports.
"We should give Maxim Barsky a free hand as head of the company after a period of transition," he said.
Fridman suggested last week that the Russian management was ready to resolve lingering acrimony with BP, adding many of his Russian partners would leave the management team once Barsky is seated.
Barsky takes control Jan. 1, 2011.
