Financial Times FT.com

BP in standoff with Russian partners

By Catherine Belton in Moscow and Ed Crooks in London

Published: June 26 2008 04:10 | Last updated: June 26 2008 04:10

BP’s Russian partners in TNK-BP intensified a battle with the UK energy group on Wednesday, saying they wanted to pull their Russian directors from the board of the oil joint venture’s main subsidiary, complicating a crucial shareholder meeting the night before it was due to take place.

Stan Polovets, chief executive of the Alfa-Access Renova (AAR) consortium, said the Russian directors had informed Robert Dudley, TNK-BP’s chief executive, that they would not seek re-election to the board of TNK-BP Holding, the core subsidiary at the centre of the escalating row between BP and AAR, at its annual meeting on Thursday.

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