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Russia: BP Holds Talks With BP TNK Partners in Moscow

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Monday, 09 June 2008
Chief Executive Tony Hayward held talks with a Russian shareholder of BP TNK after an outbreak of public disputes between the partners amid speculation the Russian side could sell out. A BP spokesman said Hayward had met TNK-BP shareholder Mikhail Fridman, describing the talks as "positive" and adding they would continue to try and resolve their differences.

Fridman's partner and another major Russian shareholder Viktor Vekselberg said he expected the dispute to be resolved within days, while sources close to the Russian shareholders said the parties would meet again within days.

A source close to TNK-BP said Hayward had also met Fridman's partners in the Alfa Group conglomerate, German Khan and Peter Aven, as well as Deputy Prime Minister Igor Sechin.

"Positive developments were evident," a source close to TNK-BP said.

BP and TNK-BP's Russian shareholders, who split control of TNK-BP 50-50, last week publicly confirmed they had differences over the company's strategy for the first time. Every fourth barrel of BP's production comes from Russia.

The Russian owners -- Fridman, Khan, Vekselberg and Len Blavatnik, have demanded the resignation of TNK-BP Robert Dudley, but he, with the backing of BP, has resisted calls to step down.

Hayward held talks with Alexei Miller, the CEO of state-controlled gas major Gazprom , Sechin, who is also the chairman of oil major Rosneft  and first deputy premier Viktor Zubkov, who is poised to become chairman of Gazprom later this month.

TNK-BP said an Interior Ministry department had issued a summons to Dudley as part of a tax probe for 2001-2003.

The summons came on top of other TNK-BP problems including the arrest of an employee on an industrial espionage charge, a raid on the company's central Moscow offices and a court injunction to stop it using BP specialists.

Analysts have said the pressure was inspired by the Kremlin, which, eager to regain control over the strategic energy sector, wanted to have a state company such as Gazprom take over a stake in TNK-BP.

Russian shareholders have repeatedly denied plans to sell out and Vekselberg again repeated  the sale was not on the agenda. "Such rumours have no grounds," he said.

PetrolWorld 060608 

 

 
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