BP PLC's (BP) Russian joint venture TNK-BP Ltd. is planning to seek damages of up to $10 billion from the U.K. oil major, which TNK-BP accuses of breaching a shareholder agreement, people familiar with the situation said Tuesday.

TNK-BP's management, led by the company's billionaire shareholders, estimates damages at between $5 billion and $10 billion for lost business opportunities after BP agreed to work with state oil company OAO Rosneft (ROSN.RS) in the Arctic, a person close to TNK-BP's management said.

A BP spokesman declined to comment, but said the company hasn't received any notice about a possible lawsuit. TNK-BP also declined to comment.

The move comes as pressure builds on BP in Russia ahead of an April 14 deadline to close a strategic alliance with Rosneft.

In January, BP and Rosneft agreed a $16 billion share swap and joint development of three offshore Arctic licenses, but the deal was blocked by BP's Russian partners in TNK-BP, who said that BP must pursue all projects within Russia through the joint venture.

Instead, TNK-BP offered to take BP's role in the tie-up with Rosneft. That proposal was blocked by BP's directors at a TNK-BP board meeting in March.

TNK-BP accuses BP of pursuing the alliance with Rosneft on its own rather than through the joint venture and without informing its partners in time, thereby violating the TNK-BP shareholder agreement, the person said.

Additionally, TNK-BP says that the BP-appointed directors at TNK-BP's board breached their duties by voting against the proposal to pursue the Arctic project with Rosneft, the person said.

"We are already preparing the documents" for legal action, said a manager at TNK-BP, adding that the documentation will be ready within two weeks.
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