The board of directors of TNK-BP Holding approved minority shareholder Andrei Prokhorov's decision to drop a lawsuit against BP seeking more than 100 billion rubles, TNK-BP said, Interfax reported.
TNK-BP Holding is TNK-BP's largest subsidiary.
In December, a source familiar with the case told Interfax that Prokhorov had filed a motion to drop the lawsuit against BP on the grounds of a petition by Prokhorov's representative for more evidence from TNK-BP's executive directors. The motion was granted.
Prokhorov said BP compelled the board of directors of TNK-BP to reject a proposal for TNK-BP Holding to participate in a planned strategic partnership between BP and state oil major Rosneft.