Second top executive quits troubled TNK-BP venture
Russia’s third-largest oil producer TNK-BP has announced the departure of the second senior executive this month, further fuelling the crisis that has engulfed the firm.
Executive vice president Tony Considine resigned yesterday after five years heading the refining, trading and marketing businesses at BP’s joint Russian venture.
Considine cited personal reasons for the departure adding that, at this point, he no longer feels that he can contribute to the future development of the company. His resignation will be effective from 15 September, when he will join his family in their native Australia and “pursue other opportunities”.
BP, a 50 per cent shareholder, and its quartet of Russia-connected partners have been locked in a bitter row over management control for months. They are due to meet next month to resolve this and disagreements over a proposed float of TNK-BP’s stock.
Chief executive Robert Dudley is managing the company from an undisclosed location, having left Russia in July, citing harassment. He has since been banned by a Moscow court from working in the country for two years.
The Russian TNK-BP partners are demanding Dudley’s resignation, accusing him of favouritism towards BP and disproportionate use of non-Russian workers.
BP is appealing against the decision and Dudley will remain in charge pending an appeal court’s ruling. BP has also accused its partners of manipulating the Russian state by preventing Dudley from getting his visa renewed.
A board meeting on 25 September is expected to address management issues and the potential listing while negotiations over Dudley are ongoing.