BP and AAR settle all disputes
The companies, who each owe a 50% share in TNK-BP joint venture, have confirmed their intention to cooperate with one another and Russia’s Rosneft oil major to further their respective disposals of TNK-BP assets.
Russia’s AAR Consortium and Britain’s BP have agreed to reinstate the board of TNK-ВР Ltd. directors in its full capacity, the joint statement said Thursday.
The parties have reached a consensus to amend several articles in the TNK-ВР charter to give more power to its board and allow its members to make decisions that require a simple majority or unanimity.
The Board of Directors will be restored once all necessary amendments are introduced, the announcement said.
Voice of Russia, Prime, TASS