Russian Venture Won't Join BP Lawsuit

BP oil rig

MOSCOW (AP) — A spokesman for BP says the board of the company’s Russian venture, TNK-BP, has voted against a move to join a $13 billion lawsuit against the British oil company.

Vladimir Buyanov told The Associated Press that TNK-BP turned down the motion, but could provide no other detail.

TNK-BP is Russia’s third-largest oil company, owned on a parity basis by BP and a group of Russian billionaires.

BP and the Russian shareholders, known collectively as AAR, clashed over a multi-billionaire Arctic deal between BP and Russian state-owned firm Rosneft.

A minority shareholder of TNK-BP is suing BP for 409 billion rubles ($13 billion) in damages for the failed deal that he said could have benefited TNK-BP.

AAR and BP each has four representatives on TNK-BP’s board. There are also three independent directors.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.