BP accuses Russian partner of excessive grip on TNK-BP

British oil major BP does not intend to back out of TNK-BP's management, despite a recent announcement of a possible sale of its stake in the joint venture, RBC Daily reported today, citing British media.

Last week, BP addressed a letter to Alfa-Access-Renova (AAR) consortium, its Russian partner in TNK-BP, accusing it of taking corporate decisions without seeking approval of the board of directors and thus breaking the shareholder agreement, which entitles BP to have a say in running the company.

While TNK-BP board includes representatives from both shareholders, the executive body is dominated by AAR. Both BP and AAR declined to comment on these recent developments in the shareholder conflict.

Source: http://rbcnews.com/