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Thursday, May 29, 2008

TNK-BP Torn by Conflicts

TNK-BP Executive Director German Khan opposes the limits to overseas expansion of the companyMay 28, 2008 – Kommersant - Russia’s holders of TNK-BP have officially rebuffed the claims of the second co-owner, BP. The AAR consortium of Alfa Group, Access and Renova confirmed the conflict with the Brits that slow down the company’s development on fears of its emergence as a global competitor. If the conflict remains unsettled during two weeks, it may break up the company’s AGM and halt its operation. The AAR consortium that owns 50 percent in TNK-BP officially confirmed yesterday the clashes with the British holder. BP had made the respective statement a day before. AAR that unites Alfa Group (25 percent in TNK-BP) of Mikhail Fridman and German Khan, Leonard Blavatnik’s Access and Viktor Vekselberg’s Renova reported about the clashes with BP that relate to the strategy and tactics of the company’s development. The decisions on the overseas advance of the company are to be made with regard to efficiency of TNK-BP even if this development is competitive to the BP business, the consortium specified. Moreover, in AAR, they think that the balance of Russia’s and foreign personnel in the company should be reasonable and the long-term strategy is to be aimed at training highly-qualified personnel of Russia. Some 150 Brits, whose visas expire in late June, are currently working in BP. Their number may go down to 63 by initiative of TNK-BP Executive Director German Khan. Russia’s holders of TNK-BP have also attempted to replace the company’s president Robert Dudley by Viktor Vekselberg. As a result, Dudley was the first to officially draw attention to the conflict.

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