LONDON, Feb. 2 (UPI) -- BP executives in Russia said they were pleased to take a row with Anglo-Russian venture TNK-BP to the courts regarding disputes over deal with Russia's Rosneft.
A high court in London placed an injunction on the deal reached last month between BP and Russian oil company Rosneft until Feb. 25. The injunction follows a lawsuit filed by the Alfa-Access Renova group of shareholders representing Russian interests in TNK-BP regarding asset swaps between the two other companies.
AAR accused BP of going against the shareholder agreement when it signed a joint deal with Russian oil company Rosneft to explore for oil in the arctic region of Russia. BP denies the accusation.
David Peattie, the head of the Russian division of BP, said the move to the courts was the right decision for both sides.
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"It has always been BP's position that these matters should be resolved through arbitration and we are pleased that this is what the court has now decided," he said in a statement.
The Anglo-Russian venture also filed a lawsuit against Peattie, saying he was in "clear breach" of his responsibilities because of his role in the Rosneft talks.
AAR representatives were quoted by Russia's state-run news agency RIA Novosti as saying the decision to go to court confirmed that Russian shareholders in TNK-BP weren't out of line in their complaints. BP Chief Executive Officer Bob Dudley, who was forced out as head of TNK-BP in 2008, said he wasn't fearful of any court proceeding.
BP and Rosneft have agreed to develop the Kara Sea on Russia's northern continental shelf. In addition, BP will hand over $8 billion in shares for a 9.5 percent stake in Rosneft, the companies said in a statement.
