Friday, May 30, 2008
TNK Less BP
May 30, 2008 - Kommersant - The yesterday’s meeting of TNK-BP BOD was aimed to decide on employment of CEO Robert Dudley and Executive Director German Khan but ended by a scandal. Russia’s holders left the meeting stripping it of required quorum. Formally, the third party is yet outside the conflict, but the RF government is forging an instrument already. A new criminal case is likely to be initiated to extent to both Russia’s and Britain’s managers of TNK-BP, including Robert Dudley. The BOD of TNK-BP was to meet in Cyprus yesterday, said a few sources close to the company’s holders. BP controls a half of the company, while the remainder belongs to AAR consortium of Alfa Group, Access and Renova. That yesterday's meeting wasn’t convened for lack of quorum, said BP’s representative in Russia Vladimir Buyanov. Regardless, the holders met that day to deliberate on strategic development of the company and the discussion would continue, Buyanov specified. During that get-together, sources close to the holders said, the Russians reiterated their desire to ouster TNK-BP’s permanent CEO Robert Dudley. Dudley manages the company in the interests of one holder, BP, AAR explained. BP rebuffed by proposing to dismiss Executive Director German Khan (who is also the company’s holder) together with Vice Presidents Igor Maidanik and Boris Kondrashov. The issue of Dudley’s dismissal was the first on agenda. After the BP spokesmen bluntly rejected that move, the Russians left the meeting, stripping it of any quorum. Formally, no third party is involved in the conflict. But the rumors that Gazprom wanted to buy a stake in TNK-BP gained momentum in spring, while some other sources said Rosneft was eyeing the company. Russia’s Vice Premier and Rosneft CEO Igor Sechin pledged Tuesday that the government wouldn’t interfere in the dispute at TNK-BP. Yesterday, however, it emerged that a new criminal action is being forged for the company.