The board of directors of TNK-BP Management, a subsidiary of oil major TNK-BP, voted Monday against canceling a contract with CEO Robert Dudley, TNK-BP's Russian shareholders reported according to Prime-Tass.
TNK-BP Management is the TNK-BP subsidiary that manages TNK-BP's assets. Dudley is CEO of both TNK-BP and TNK-BP Management.
In May, TNK-BP's Russian shareholders called on Dudley to resign, accusing him of ignoring their interests and acting in the interests of British oil company BP. The Russian co-owners and BP have 50% each in TNK-BP.
The Russian investors, which include Leonard Blavatnik, Mikhail Fridman and Viktor Vekselberg, and BP are currently embroiled in a conflict over development strategy and management methods at their joint venture.