Directors at BP PLC's (BP) Russian joint venture TNK-BP Ltd. will at a board meeting later Friday not only discuss the possibility of legal action against the U.K. oil major but also against its Russian billionaire partners, a person familiar with the matter said.
Directors at BP PLC's (BP) Russian joint venture TNK-BP Ltd. will at a
board meeting later Friday not only discuss the possibility of legal action
against the U.K. oil major but also against its Russian billionaire partners, a
person familiar with the matter said.
The allegations against both shareholders signal that BP and its Russian
partners in TNK-BP--known as the Alfa-Access-Renova consortium, or
AAR
--are
keeping up pressure on each other amid reports they may settle a number of
legal disputes out of court.
Earlier this year,
AAR
blocked BP's proposed $16
billion share swap and Arctic exploration deal with
Russia
's
state-owned OAO Rosneft (ROSN.RS). They argued that BP violated the TNK-BP
shareholder agreement, which states any new business opportunities must be
offered to the joint venture first.
At Friday's board meeting, TNK-BP directors will hear recommendations from
external lawyers on whether to sue BP for damages as a result of the
U.K.
firm's deal with Rosneft independently of TNK-BP. A vote on the matter is
expected to take place in 2012.
A person familiar with the matter said that in addition, the board will discuss
potential legal claims against
AAR
for
failing to notify the joint venture about its knowledge of the planned
BP-Rosneft deal.
"Withholding of such information may constitute a breach of the director's
duties to the company and can be the ground for potential claims to
AAR
nominated directors," the person said.
Also, the board will discuss the possibility of legal action against Viktor
Vekselberg--a Russian TNK-BP shareholder--for failing to offer the joint
venture some oil and gas assets held by his holding company Renova Group.
Meanwhile, arbitration proceedings launched to block the BP-Rosneft deal are
still under way, with a tribunal likely to formally rule on whether BP breached
the shareholder agreement by agreeing the tie-up with Rosneft.
BP said it hasn't breached the TNK-BP shareholder agreement and that TNK-BP
incurred no loss as a result of the failed deal with Rosneft. AAR declined to comment.
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