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Wednesday, July 16, 2008

BP rejects proposals by Russian shareholders for TNK-BP

MOSCOW, July 13 (RIA Novosti) - BP has rejected proposals made at a board meeting of TNK-BP by a group of four Russian billionaires that jointly own 50% in the Russian-British joint venture, Russian shareholders said on Sunday. A meeting of the board of directors of TNK-BP was held on July 11. It was earlier reported that Viktor Vekselberg, one of the four Russian billionaire shareholders in TNK-BP, offered a four-point plan to end a dispute with the joint venture's partner BP. The ongoing row between the Russian AAR consortium of shareholders in TNK-BP and the British oil major, each owning 50% in Russia's third largest oil producer, has been over company strategy, with the Russian investors also demanding cuts in the number of foreign staff working in Russia. "We are disappointed over the fact that BP has again rejected our proposals aimed at raising the efficiency of the activity and management of TNK-BP," the venture's board chairman, Mikhail Fridman said. The AAR consortium's proposals included a call for TNK-BP entire management to leave at the start of 2009, with BP retaining the right to elect the joint venture's chief executive. In particular, it was proposed to dismiss TNK-BP CEO Robert Dudley and elect a new, independent executive. The second point in the peace plan included the proposal that the number of directors at the ventures subsidiaries be split evenly among BP and Russian shareholders. In addition, the AAR consortium proposed changing the status of secondee workers in Russia in a move to cut the number of BP foreign staff at the company. Finally, the Russian shareholders proposed restoring a power of attorney for Russian executives at the venture.

Friday, July 11, 2008

Matra Petroleum Wins Russian Court Case

July 11, 2008 - Oil Voice - At the deferred Moscow Regional Court hearing held yesterday, the presiding judge dismissed all claims by Gaz i Neft against Matra Petroleum. Peter Hind Matra’s Managing Director said: “We are very pleased that this matter has now been resolved. Progress and work on our discovery in Orenburg has not been affected and we look forward to aggressively pursuing field development, further exploration on our block and new opportunities in Russia.”

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