BP signed an agreement with its Russian partners in TNK-BP on Thursday aimed at preserving its 50 per cent stake in the Russian oil venture after a power struggle that focused attention on the rights of foreign investors in Russia.

The deal, agreed this week by BP’s board and steered by Tony Hayward, BP’s chief executive, and chairman Peter Sutherland, was reached after fears that BP’s interest in TNK-BP could be at risk because of its fight with its Russian oligarch partners. BP’s control of TNK-BP had also come under pressure from multiple investigations by the Russian authorities into its labour practices.