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RNVO News DJ BP Denies Steps To Fire TNK-BP Top Russian Exec...
Thursday, June 19, 2008 3:47 AM

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News for 'RNVO' - (DJ BP Denies Steps To Fire TNK-BP Top Russian Executives)


MOSCOW (Dow Jones)--BP PLC (BP) Thursday denied allegations it is to fire top Russian executives at its troubled joint venture OAO TNK-BP Holding (TNBP.RS).
Wednesday, the chief executive of the AAR Consortium representing BP's Russian partners said it was concerned the global oil company wants to summon an extraordinary shareholder meeting, at which it would raise the question of firing part of the venture's Russian management.
"BP has taken no steps to remove TNK-BP managers," a BP spokesman said.
In recent weeks, BP and its Russian partners have been at loggerheads over strategy and management at TNK-BP, Russia's third biggest oil producer.
BP, however, confirmed reports that in late May it had requested that the board of TNK-BP Management, a management company of TNK-BP Holding, remove the company's executive deputy director for legal support Igor Maidannik and executive deputy director for security Boris Kondrashov from their positions. The Russian shareholders say the request had triggered the conflict.
Since then, the four Russian shareholders - Mikhail Fridman, German Khan, Len Blavatnik and Viktor Vekselberg - who control 50% of TNK-BP through their investment vehicles Renova, Access Industries and Alfa Group, or AAR, have called for the removal of TNK-BP's BP-appointed Chief Executive Robert Dudley for ignoring their interests. They have also complained that TNK-BP's share price and total production growth have lagged behind its peers.
Company Web site: http://www.bp.com
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; [phone]; [e-mail]

(END) Dow Jones Newswires
June 19, 2008 03:46 ET (07:46 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 03 46 AM EDT 06-19-08

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