Support The Moscow Times!

TNK-BP Minorities Sue BP

A group of minority shareholders in BP's Russian venture said they are suing the British company for 87 billion rubles ($3 billion) for damages they allege resulted from the collapse of its alliance with Rosneft.

TNK-BP, the traded unit of the venture, could have gained profits of that magnitude from the growth in Rosneft's share value if the company had been allowed to replace BP in a deal to swap shares and explore the Arctic with Rosneft, the group led by Andrei Prokhorov said Wednesday in an e-mailed statement.

BP's plan for a $7.8 billion share swap and exploration alliance with Russia's biggest oil explorer collapsed after its billionaire partners in TNK-BP blocked the deal in a Stockholm tribunal, claiming that it violated a shareholders agreement.

The shareholders' claim was filed with the Tyumen Arbitration Court in Siberia, and hearings will take place Sept. 21 and Oct. 12, court filings show.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.