Alfa-Access-Renova, or AAR, Monday approved withholding TNK-BP PLC's (TNBP.RS) $1.8 billion fourth-quarter dividend, which was due to be paid in February.
Alfa-Access-Renova, or
AAR
,
Monday approved withholding TNK-BP PLC's (TNBP.RS) $1.8 billion fourth-quarter
dividend, which was due to be paid in February.
"The decision for now is not to approve the fourth-quarter dividend,"
said Stan Polovets, chief executive of
AAR
,
following an extraordinary meeting of
AAR
's
board.
AAR is at loggerheads with BP PLC (BP), its partner in the TNK-BP joint
venture, following the U.K.-based oil major's decision to enter a
groundbreaking share swap and Arctic exploration deal with Russian
state-controlled oil giant OAO Rosneft (ROSN.RS).
AAR
says
that deal, announced Jan. 14, breaches the TNK-BP shareholder agreement.
AAR
, which represents the group of Russian
billionaires with a 50% interest in TNK-BP, argues under that agreement BP is
obliged to pursue all business opportunities in the Russian oil and gas sector
exclusively through TNK-BP. AAR sees Rosneft as a competitor to TNK-BP and
worries the BP-Rosneft tie-up will diminish TNK-BP's ability to grow inside
Russia
.
A final decision to withhold the dividend can only be taken by TNK-BP's board,
which is due to meet in February. BP's representatives on the board are
expected to oppose any attempt to suspend the payout.
The Russian partners are seeking an injunction in
London
's
High Court to block the BP-Rosneft transaction. A hearing is scheduled to take
place Feb. 1.
BP sought to draw the sting out of the escalating dispute by proposing
"fast-track" arbitration with its Russian partners in TNK-BP in
Sweden
to
resolve their differences.
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