TNK-BP shakes up board

MOSCOW, Aug. 6 (UPI) -- Anglo-Russian venture TNK-BP announced BP executive Bill Schrader will take over as chief operating officer in the fourth quarter, replacing Tim Summers.

Officials at TNK-BP, a joint venture between BP and Alfa-Access-Renova group, have been at odds over the direction of the board of executives since at least last year when Moscow ousted former Chief Executive Robert Dudley from office.

TNK-BP announced Thursday that Schrader will take over from Summers as part of a rotation in its management team.

"We welcome Bill to TNK-BP's top management team," said interim Chief Executive Mikhail Fridman. "His strong understanding of the region and his extensive international operating and leadership experience will add valuable new capabilities to our company and benefit Russia's oil sector as a whole."

Fridman went on to praise the work of Summers, noting he helped create a stronger refining and marketing business for TNK-BP, one of the largest oil companies in Russia.

Schrader has served as president of BP-Azerbaijan since 2006.

Meanwhile, TNK-BP said it would build a gas processing plant in the Pokrovskoe field in the Orenburg Oblast in southwestern Russia. The project would generate 1.6 billion cubic feet of gas each year by 2012.