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TNK-BP Conflict Settled

Russian and British shareholders of Russian-British joint venture TNK-BP have signed a deal to complete the process of settling their conflict started in September 2008

The company has issued a press release where it is said that "the revised agreement is aimed at improving the balance of interests between the company's 50:50 owners, BP and Alfa Access-Renova (AAR), and focusing the business more explicitly on value growth".

A new CEO is also expected to be announced in the coming weeks.

Robert Dudley, ex-TNK-BP's CEO stepped down on December 1, 2008. He left Russia in July over what BP alleged was a campaign of harassment by Russian shareholders.

TNK-BP is split 50-50 between BP and the AAR consortium of Russian billionaire shareholders, who clashed in 2008 over strategy, management and control of the third-largest oil producer in Russia.

Under the deal agreed by the parties then, Dudley was to be replaced by an executive from outside BP with extensive Russian experience.

Author: Ksenia Kochneva