Court Rejects TNK-BP Investor Motion Against BP

Printer Friendly Version

A Russian Court has ruled against a motion brought by a TNK-BP shareholder against BP, Europe's second-largest oil company, seeking access to documents in computers of the company, Dow Jones reported. TNK-BP is BP's joint Russian venture with oligarch investors.

The motion is part of a planned lawsuit seeking between $5 billion and $10 billion from BP, according to Dow Jones. Press reports did not specify if the motion stems from BP's (BP) ongoing efforts to cement a $16 billion share exchange with OAO Rosneft, Russia's largest oil company.

That deal has been protested by TNK-BP through European courts, but it appears the company and BP are close to reaching an agreement on the issue. BP would allow TNK-BP to take its place in the planned Arctic drilling alliance with Rosneft in exchange for TNK-BP allowing the share swap to proceed. Rosneft must still grant approval for the plan.

The TNK-BP shareholder that filed the motion against BP was not identified by press reports. TNK-BP is Russia's third-largest oil producer.