TNK-BP hits out at BP after Rosneft compromise flops

first_img Share Tags: NULL Show Comments ▼ whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap KCS-content BP’S RUSSIAN partners ramped up their dispute over the firm’s Arctic exploration plans yesterday after a TNK-BP board meeting at the weekend failed to reach a compromise. TNK-BP, a 50:50 joint venture between BP and the Russian AAR consortium, criticised BP-nominated directors’ conduct during Saturday’s meeting in Paris as “not representative of constructive and reasonable behaviour” after they voted down a plan for TNK-BP to join a £10bn share swap and exploration deal with Rosneft, the Russian state-owned oil producer. TNK-BP management criticised BP for “misleading and inaccurate statements”. “To date, BP has made no effort to rectify the situation created by its attempt to enter into a strategic alliance with one of TNK-BP’s main competitors, Rosneft,” the firm said in a statement on both the TNK-BP and AAR websites. BP had said it “remains committed” to finding a “business like resolution”.Rosneft warned it “will undertake all measures to defend the rights of its shareholders, with all the resulting consequences”.An arbitration tribunal is expected to report its decision within a few weeks. AAR has a temporary injunction halting progress on BP and Rosneft’s deal. Sunday 13 March 2011 10:55 pm TNK-BP hits out at BP after Rosneft compromise flops last_img

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