LONDON, Aug. 11 (UPI) -- British energy company BP brushed off suggestions that a suit filed by TNK-BP Holding regarding a failed deal with Rosneft had any merit.
Minority shareholders in TNK-BP Holding, the entity holding Russia's interest in a joint venture with BP, filed a lawsuit against two directors at BP and the company itself. The Russians claim a proposed $16 billion deal between Russian oil company Rosneft and BP for work in the northern arctic waters resulted in economic loss for TNK-BP.
"Acting rationally and in good faith, in the interests of TNK-BP Holding, the defendants should have notified the company of the opportunity to take part in a strategic partnership," lawyers for TNK-BP were quoted by The Daily Telegraph in newspaper in London as saying. "However it had not been done and the TNK-BP Holding incurred substantial losses."
The shareholder agreement says either side must undertake any new business in Russia through TNK-BP.
BP said Tuesday it was asking an arbitration court in Sweden whether the operation of independent gas and fuel companies in Ukraine and Russia violates the shareholder agreement with TNK-BP.
A BP spokesman was quoted by the Telegraph as saying there was no "legitimate basis whatsoever" to the latest claims.
