TNK-BP names a new director

BP said yesterday that its head of Iraq, Michael Townshend, is joining the board of its embattled Russian subsidiary TNK-BP with immediate effect.

Townshend, who has worked for BP for more than 30 years, will replace former chief executive Tony Hayward on TNK-BP’s board of directors, which has been rocked by a dispute over BP’s failed Rosneft deal.

TNK-BP’s other shareholder, AAR, took BP to court in February over its planned £6bn share swap with Rosneft, arguing it broke TNK-BP’s right of first refusal for all of BP’s Russian ventures.