13 November 2012, 16:08

BP and AAR settle all disputes

BP and AAR settle all disputes

British BP and Russia’s AAR consortium have announced they have settled all disputes including the current arbitrations brought by each against the other.

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.

AAR, BP agree to relaunch ТНK-ВР directors board

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

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