Sunday, June 1, 2008

Split hits BP's Russian venture

Russian shareholders in TNK-BP, the Russian oil firm half-owned by British oil giant BP, have called for its American chief executive to resign.

TNK's owners accused him of working only in BP's interests and refused to attend a board meeting on Thursday.

A report suggested the split had emerged as TNK-BP came under pressure to sell to a state energy firm.

There is speculation that either Gazprom or Rosneft want to buy the Russian side of the TNK-BP venture.

The BBC's Moscow Correspondent, Richard Galpin, said the two sides seemed to be at war with each other and that the company had come under intense pressure from Russian authorities in recent months.

TNK-BP's offices in Moscow were raided by security services and one of its employees was accused of industrial espionage.

Foreign staff have also faced problems with visa problems and there is an investigation into alleged tax evasion involving a former unit of TNK-BP.

Last year, TNK-BP was forced to cede control of a Siberian gas project to Gazprom.


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1 comments:

Unknown said...

Yeah, our economy is tanking thanks to GW and his nutty oil war, which has actually raised the price of oil. Meanwhile, the Russian economy is starting to boom since they developed their Own oil instead of trying to steal if from other nations with a bogus war. Russian venture capital