BP's Russian partners restart action over Rosneft deal
Friday 22 July 2011
BP's oligarch co-owners in the Russian joint venture TNK-BP have restarted proceedings aimed at securing a ruling that BP broke their shareholders' agreement – a ruling that could make BP liable for billions of dollars in damages.
AAR, the consortium representing the Russian billionaires, including Mikhail Fridman, is arguing that a planned share swap and Arctic exploration venture between BP and the Kremlin-controlled Rosneft broke the TNK-BP shareholder agreement which obliges BP to use TNK-BP as its primary vehicle for investment in Russia. The planned tie-up collapsed in May, in the face of AAR's opposition.
AAR is now claiming BP's actions cost TNK-BP between $5bn (£3bn) and $10bn in lost opportunities, by not executing the deal through TNK-BP, and because the collapse poisoned TNK-BP's relationship with Rosneft, which could cost it future deals.
The Russian side believes one way out could be for BP to sell AAR its stake in TNK-BP.
"The offer to buy them out is still on the table," said a source close to the Russian side, adding that BP had rejected an offer earlier this year of $25bn for its half-share in TNK-BP.
A BP spokesman declined to comment on the arbitration but said the company had no plans to sell out of TNK-BP. Company insiders dismissed AAR's claims, saying TNK-BP had not suffered any losses.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...