Advertisement

More flare-ups in TNK-BP, BP row

MOSCOW, Oct. 19 (UPI) -- Officials at Russian energy company TNK-BP said it would decide by next week whether to take further legal action against its counterparts at BP.

Anglo-Russian venture TNK-BP said it was considering a lawsuit filed by minority shareholders who are seeking compensation for alleged damages incurred from a failed alliance with Russian oil company Rosneft for work in the arctic.

Advertisement

Minority stakeholders in TNK-BP have two lawsuits filed in a Siberian court over the matter. Majority shareholders were quoted by the Financial Times as saying TNK-BP Holding would "consider the question of whether or not to join the lawsuit being put forward by one of its minority shareholders" next week.

A proposed January deal between BP and Rosneft for work in the arctic collapsed after majority shareholders at TNK-BP said the proposal violated terms of its shareholder agreement with BP. Rosneft later landed a similar deal with U.S. supermajor Exxon Mobil.

BP says TNK-BP wasn't hurt by the collapsed deal. The Financial Times notes any suit could get messy because of the makeup of the TNK-BP board and because BP board representatives could cite a conflict of interest.

BP and TNK-BP are storied rivals. Bob Dudley, now chief executive officer at BP, left his Moscow office when he led TNK-BP in 2008, citing harassment by the Russians.

Advertisement

Latest Headlines

Advertisement
Advertisement

Follow Us

Advertisement