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TNK-BP Problems Resolved

TNK-BP fully resolved a shareholders' dispute threatening to hurt output at the country's third-largest oil producer

"The shareholders informed the company's management of the agreements reached regarding TNK-BP's further development," TNK-BP said in a statement following a meeting Thursday by BP chief executive Tony Hayward and shareholders Mikhail Fridman, German Khan and Viktor Vekselberg, The Moscow Times announces.

The statement also said that neither side would sell their stakes in TNK-BP, which pumps one-quarter of BP's global output.

BP and its partners made peace in August when the British oil major bowed to demands from the billionaires to end the dispute. They agreed that BP would propose a new CEO, that independent directors would join the TNK-BP boards and that a public offering would be made of TNK-BP's stock.

Author: Ksenia Kochneva