BP sends letter to oligarchs

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The Independent Online

BP has written to its main partner in TNK-BP seeking assurances that there will be no repeat of what the oil giant described as a breakdown of corporate governance at the main operating unit of its Russian joint venture, TNK-BP Holding (TBH).

BP said in the letter that TNK-BP's decision to sue two BP executives for $2.8bn (£1.75bn) "was a breach of the charter of TBH by the management of TBH".

The letter was sent to a consortium of Soviet billionaires who own half the joint venture and have close ties to TBH.