Install

Get the latest updates as we post them — right on your browser

Today's paper. Last Updated: 02/04/2012

Senior TNK-BP Executive Quits Post

Reuters

Tim Summers, the most senior former BP manager at oil firm TNK-BP, said Tuesday that he would leave in mid-October for personal reasons. Another BP manager will replace him.

Summers was a key figure for BP in the fierce shareholder dispute that raged until last year between BP and the four Russian billionaires who co-own TNK-BP, but he said his departure was not related to that issue.

“After 3 1/2 years of TNK-BP, which has been pretty interesting and productive, it’s time to think about what to do next,” Summers said.

“I’m going to leave in mid-October. It’s a decision I’ve taken for personal reasons.”

TNK-BP will appoint the head of BP Azerbaijan, Bill Schrader, as its new chief operating officer, the company said in a statement.

TNK-BP accounts for about a quarter of BP’s worldwide output, but following the shareholder dispute BP ceded much of its influence at the company and a string of senior expatriate managers left.

Following raids on TNK-BP by the security service and a string of investigations by labor inspectors and migration authorities, the Russian billionaires were accused of using state law enforcement bodies to wrest management control.

They denied this, saying they were simply pursuing their legitimate rights as shareholders and attacking BP’s “arrogance” in allegedly treating the firm as one of its subsidiaries.

Investors were alarmed by talk that the Russian government was tacitly supporting the oligarchs against a major foreign investor, but officials always maintained that they had stayed out of what they termed a private dispute between shareholders.

Part of the resolution to the dispute was the agreed departure of TNK-BP’s then-CEO, a former BP executive named Robert Dudley, whom the Russians accused of favoring BP.

Dudley’s exit last December left Summers as the most senior former BP manager at the firm, which made net profits of $2 billion in the first half of this year.

Summers took over as acting CEO for six months before Russian oligarch Mikhail Fridman, one of the four co-owners, stepped in to replace him on an interim basis as CEO at the end of May. At that point, Summers returned to his COO role.

TNK-BP’s shareholders have still not agreed on a permanent chief executive to replace Dudley. Under the joint venture agreement, BP has the right to nominate the CEO, but the choice must be approved by the oligarchs, who are insisting on a fluent Russian speaker.


Also in Business

Investors Give Rallies Mixed Reviews

Climate was a recurring theme at a forum Thursday with government officials and investors discussing Moscow's severe frost and the impact next month's presidential election will have on the business environment.

Q&A: Skrynnik Sets 7 Growth Records in Agriculture

There's much glitter in Agriculture Minister Yelena Skrynnik's reception area. Some of the sheen emanates from a gold-colored frame around a full-length mirror. More radiates from a nearby silvery imitation of an apple tree with shiny white fruit.

VimpelCom to Boost Service at Rally

Besides the bitter cold, demonstrators and observers at Saturday's opposition rally could once again be facing quality issues with telecommunication services.

Facebook IPO Could Boost Mail.ru

Shares of Internet company Mail.ru Group could rise as a result of the initial public offering planned by social-networking site Facebook.

Rusnano Still Planning to Sell 10% of Company

Rusnano still plans to sell 10 percent of shares to investors in 2012 and expects the proceeds to be reinvested in the company.

January Oil Production Achieves New High

Oil output from Russia hit a record high last month thanks to higher pumping rates at Rosneft and Gazprom.




Discussion
The Moscow Times welcomes your comments and invites you to discuss topics with other readers. Your comment will be posted automatically to enable a live discussion. If you aren't familiar with our comments policy, you can read it here.

If you're a registered user, you can start typing your comment below. If not, take a moment to sign up. and then return to the article.

If your comment doesn't appear, contact us by using our web form.

Comments

Comments via Facebook

print


Comments

This article has no comments.

Be the first to leave a comment





Most Read