TNK-BP Still Not Pleased With BP

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TNK-BP, BP's joint venture with Russian billionaire investors, is still not pleased with the British oil giant, accusing the company of sabotage by failing to attend a TNK-BP board meeting last week that was scheduled to review the partnership between the two companies.

TNK-BP, Russia's third-largest oil company, has been upset with BP (BP) since Europe's second-largest oil company agreed to a $16 billion share swap with OAO Rosneft, Russia's largest oil producer. TNK-BP claimed the partnership between BP and Rosneft violates TNK-BP shareholder rights agreement.

TNK-BP said it was disappointed that BP's directors did not appear at the meeting and that the company's actions are in contradiction to its state desire to expedite the ongoing arbitration process between the two companies. The Russian company has been pursuing litigation to block BP's partnership with Rosneft.

''Having insisted that the arbitration should be accelerated, BP's actions now suggest they are seeking to delay, even sabotage the arbitration process,'' a source quoted by Reuters said.