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16

Russian Shareholders Of TNK-BP Urge CEO To Leave

Russian TNK-BP shareholders including Alfa Group, Access Industries and Renova insist on the dismissal of TNK-BP's CEO Robert Dudley as he is seeking to accommodate the interest of only one shareholder, BP, while managing the company

Russian TNK-BP shareholders including Alfa Group, Access Industries and Renova (the AAR consortium) insist on the dismissal of TNK-BP's CEO Robert Dudley as he is seeking to accommodate the interest of only one shareholder, BP, while managing the company. Russian shareholders repeated their concerns in view of the recent press statements made by Dudley with regard to the relations between TNK-BP shareholders. The meeting of TNK-BP's Board of Directors failed to be held due to the lack of agreement on Dudley's resignation.

However, AAR members of the company's Board of Directors assert that the CEO dispute will have no effect on TNK-BP's production activities and corporate governance, and they signed a few resolutions indispensable for the company's continued operation.