BP set to resolve Russia dispute
September 4, 2008
The row has focused attention on the rights of foreign investors in Russia.
BP is expected to announce an agreement aimed at solving a festering dispute over its Russia joint venture TNK-BP.
The deal with the Russian billionaires that own half of the venture would see current boss of TBK-BP, Robert Dudley, lose his job.
BP has been engaged in a power struggle with its Russian partners over control of the venture, which supplies around 25% of BP’s profits.
The agreement is expected to be signed later on Thursday, reports said.
The memorandum of understanding may also provide the option to list up to 20% of the venture.
Mr Dudley left Russia in July in the face of what he said was “sustained harassment”.
TNK-BP has faced lawsuits, visa rows and industrial spying claims, as well as arguments over investment and the future role of Mr Dudley.
BP owns 50% of the venture while the Russian shareholding is made up of a number of Russian billionaires who control a consortium known as Alfa Access Renova (AAR).
Source: bbc.co.uk/
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