BP will remain a partner with Russian oil company TNK, in spite of the fact the Russian company ousted BP execs just two months ago.
FT: BP is on Thursday expected to sign an agreement aimed at preserving its 50 per cent stake in TNK-BP – Russia’s third-largest oil company – after a power struggle with its local partners that focused attention on the rights of foreign investors in Russia.
The memorandum of understanding, agreed this week by BP’s board, follows a long-running dispute over BP’s most important international venture. It supplies 25 per cent of the company’s oil and gas production…
Under the deal, the 50-50 equity split of the partnership would remain unchanged. But Robert Dudley, its BP-appointed chief executive who fled Russia in July citing a campaign of harassment against him, would lose his job by the end of the year – a move for which the Russian partners have aggressively campaigned.
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