TNK-BP shareholders finalize deal to settle conflict

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Russian and British shareholders of Russian-British joint venture TNK-BP have signed a deal to complete the process of settling their conflict started in September 2008.
MOSCOW, January 9 (RIA Novosti) - Russian and British shareholders of Russian-British joint venture TNK-BP have signed a deal to complete the process of settling their conflict started in September 2008.

"The revised agreement is aimed at improving the balance of interests between the company's 50:50 owners, BP and Alfa Access-Renova (AAR), and focusing the business more explicitly on value growth," BP said in a press release Friday.

"Following Robert Dudley's recent resignation, a new CEO is also expected to be announced in the coming weeks," the company said.

Dudley stepped down as CEO of TNK-BP on December 1, 2008. He left Russia in July over what BP alleged was a campaign of harassment by Russian shareholders.

TNK-BP is split 50-50 between BP and the AAR consortium of Russian billionaire shareholders, who clashed in 2008 over strategy, management and control of the third-largest oil producer in Russia.

Under the deal agreed by the parties then, Dudley was to be replaced by an executive from outside BP with extensive Russian experience.

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