- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

TNK-BP shareholder conflict no threat to operations says company

Subscribe
MOSCOW, June 2 (RIA Novosti) - A conflict between Russian and British TNK-BP shareholders is not affecting the joint oil venture's operations, the company said in an official statement on Monday.

The statement said that TNK-BP considered it necessary to state that the discussions between the shareholders on the strategy and tactics of the company's development had not affected production activity, which it said was being carried out in line with the annual forecast.

TNK-BP also said that it continued to fulfill all the current obligations for all the interested parties, and would carry out its operations "effectively."

Founded in 2003, the Russian-British venture TNK-BP is Russia's third-largest oil producer and is jointly owned by BP and the AAR consortium. Both of them hold 50% in the energy company.

The Russian co-owners of the AAR consortium, representing the Russian investors, the Alfa Group, Access Industries and Renova, demanded last week that TNK-BP's president and CEO, Robert Dudley, step down, accusing him of putting the interests of BP first.

The investors were also unhappy over comments made by Dudley in an interview with Russia's business daily Vedomosti last Monday, which they called "deeply flawed."

In the interview, Dudley discussed disagreements over Russian shareholders' plans for international expansion, and BP's belief that TNK-BP should focus on Russia. Dudley said the company's aim was to keep oil production as high as possible, and any change in management could lead to a production drop.

The Russian shareholders said that the policy discussion should not have been made public.

Russian shareholders in TNK-BP want to expand into Turkmenistan, Kazakhstan and Venezuela. BP has resisted the idea, as well as plans to take part in high-risk projects in countries including Iraq, Uganda, Syria and Libya.

Business daily Kommersant said the Russian shareholders were seeking to replace Dudley with Russian tycoon and TNK-BP's executive director Viktor Vekselberg.

British shareholders at TNK-BP reiterated their trust in and backing for Dudley on last Thursday during informal talks with Russian shareholders in Cyprus.

The Russian-British oil venture has come under intense pressure from the Russian authorities this year. In March the Federal Security Service raided the company's headquarters and the Moscow office of BP, and carried out new searches at BP last week. In March a TNK-BP employee was arrested on suspicion of industrial espionage.

Analysts believe that the ongoing dispute between Russian and British shareholders could lead to the company being bought up by a Russian state giant, most likely Gazprom, but possibly Rosneft.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала