Support The Moscow Times!

Schröder, Leng Said to Depart From TNK-BP

Ex-German Chancellor Gerhard Schröder and former Corus Group chairman James Leng resigned from TNK-BP's board amid strained relations between BP and its Russian billionaire partners, a person with knowledge of the decision said.

Schröder and Leng had served as independent directors on TNK-BP's board since January 2009, when a previous shareholder battle was resolved.

Potential claims against the rival shareholders following this year's failed $7.8 billion alliance with Rosneft were presented at today's board meeting in Brussels, the person said, declining to be named because the talks are private. No official reason was given for their departure, they said.

The board includes four directors each from BP and AAR, and three independent directors. AAR represents Alfa Group, co-owned by Mikhail Fridman, who is also CEO of the venture; Len Blavatnik's Access Industries and Viktor Vekselberg's Renova Group. Alexander Shokhin, president of the Russian Union of Industrialists, is the third independent director.

TNK-BP received a report from two law firms assessing the venture's chances of filing claims for potential damages of "billions" of dollars from BP arising from the British explorer's collapsed deal with state-owned Rosneft, people familiar with the matter said Dec. 7.

The deal, which included a potential swap of stakes in BP and Rosneft and an Arctic exploration venture in the Kara Sea, collapsed after a challenge from AAR, which said the venture has the right to pursue opportunities for BP in Russia.

No motion was made on the potential claims, although a vote is possible next year, the person said.

The board also approved an additional dividend of $1.25 billion, raising payouts for this year to a record, one person said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more