End in sight for BP-TNK row

Thursday 4th September 2008, 10:51AM BST.

End in sight for BP-TNK row Oil giant BP and its Russian partners are poised to make peace in their battle for control of joint venture TNK-BP, according to reports.

According to Moscow newspaper Vedomosti, the two parties are set to sign an agreement that may leave TNK-BP chief executive Robert Dudley out of a job.

The report also claimed 20 per cent of the venture could be sold to outside investors as part of a stock market flotation and several new independent directors could be appointed.

The four Russian oligarchs who own half of the oil exploration joint venture with BP have been lobbying for his removal for months.

The disagreement descended into accusations of state interference from BP, after BP’s British staff struggled to get visas from the government.

The Russian shareholders retaliated with accusations that Robert Dudley was mismanaging the venture and running it solely for the benefit of BP.

Mr Dudley was eventually forced to leave the country but continued to run the operation from a secret location.

Recent developments saw the resignations of the venture’s chief financial officer James Owen and head of downstream operations Anthony Considine in August.