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Tuesday, May 26, 2009

New name in TNK-BP ring

05-26-2009 - Upstream OnLine - A potential second candidate for TNK-BP's top job has been mooted as news emerged today that the company's Russia-connected shareholders have suggested appointing an interim chief executive for three to six months before a final choice is made. A source close to the Russian shareholders told Reuters shareholders would consider a second candidate, Maxim Barsky, as a possible permanent chief executive. The source added that the shareholders want a new interim chief executive named for a period of three to six months before an independent company head is chosen. Barsky is a board member at oil producer West Siberian Resources. BP , which owns 50% of TNK-BP, said on Monday it had nominated Pavel Skitovich, a former employee of billionaire Vladimir Potanin, as its candidate for the company's top job. The UK supermajor and the quartet of Russia-connected billionaires who share control of TNK-BP fell out publicly last year in a dispute that spooked foreign investors and led to the departure of many expatriate staff, including then-chief executive Robert Dudley. Though both sides say they have resolved their differences, a permanent chief executive has yet to be appointed. Tim Summers, the former chief operating officer now serving as chief executive, has said his contract expires at the end of next month. BP retains the right to nominate a chief executive for TNK-BP, but the Russia-connected shareholders have insisted that the candidate be a Russian speaker with experience in the country.

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