TNK-BP hits out at BP after Rosneft compromise flops

Marion Dakers
BP’S RUSSIAN partners ramped up their dispute over the firm’s Arctic exploration plans yesterday after a TNK-BP board meeting at the weekend failed to reach a compromise.

TNK-BP, a 50:50 joint venture between BP and the Russian AAR consortium, criticised BP-nominated directors’ conduct during Saturday’s meeting in Paris as “not representative of constructive and reasonable behaviour” after they voted down a plan for TNK-BP to join a £10bn share swap and exploration deal with Rosneft, the Russian state-owned oil producer.

TNK-BP management criticised BP for “misleading and inaccurate statements”.

“To date, BP has made no effort to rectify the situation created by its attempt to enter into a strategic alliance with one of TNK-BP’s main competitors, Rosneft,” the firm said in a statement on both the TNK-BP and AAR websites.

BP had said it “remains committed” to finding a “business like resolution”.

Rosneft warned it “will undertake all measures to defend the rights of its shareholders, with all the resulting consequences”.

An arbitration tribunal is expected to report its decision within a few weeks. AAR has a temporary injunction halting progress on BP and Rosneft’s deal.