BP hit with new legal headache in Russia
Thursday 11 August 2011
BP faces yet more vexation from its Russian activities after minority shareholders in its TNK-BP joint venture launched an 87 billion-rouble (£1.8bn) damages claim yesterday.
The action is just the latest to follow the British oil giant's abortive attempts at a $10bn (£6.1bn) tie-up with Russia's Rosneft earlier this year. That move was blocked in the courts by BP's TNK-BP partner – the Alfa-Access-Renova (AAR) consortium – on the grounds that it violated the joint venture's shareholder agreement, which specifies all investors' activities in Russia must be offered to the company.
The Rosneft deal may have collapsed, but the debacle is not yet over for BP. AAR is still pursuing the company, claiming damages of reportedly as much as $10bn. And earlier this week, BP launched a counterclaim, against Renova, over its holdings in other Russian oil and gas companies.
In the latest development yesterday, two claims were lodged by TNK-BP minority shareholders, led by Andrey Prokhorov, in a Russian Court of Arbitration. The claims assert that TNK-BP has suffered significant losses: first because managers in BP group must have been aware of the Rosneft talks but did not notify TNK-BP of theopportunity, and, second, because BP rejected subsequent TNK-BP suggestions of a joint deal.
The hearings will go ahead from September. But BP yesterday roundly rejected the claims. "We do not believe there is any legitimate basis whatsoever for such a claim," a spokesman for the company said. "If any such claim is advanced against BP or the directors of TNK-BP Holding, these will be vigorously defended."
- 1 Gun instructor accidentally shot dead by nine-year-old girl with Uzi gun
- 2 Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
- 5 Homer Simpson has taken the ALS ice bucket challenge because of course he has
Kensington flat branded ‘uninhabitable’ by estate agent on sale for a bargain £600,000
Gun instructor accidentally shot dead by nine-year-old girl with Uzi gun
Miley Cyrus' homeless MTV VMAs date, Jesse Helt, is wanted by the police
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
The 13 obscure UK laws you didn’t know you were breaking
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Do you realise just how foolish the UK looks?
- < Previous
- Next >
iJobs Money & Business
£40000 - £48000 per annum + benefits+bonus+package: Harrington Starr: C# Devel...
£45000 - £60000 per annum + benefits+bonus+package: Harrington Starr: C# Swift...
Negotiable: Harrington Starr: A fast growing Financial Services organisation b...
£50000 - £60000 per annum + excellent benefits: Harrington Starr: An award-win...