BusinessCompany NewsTVK-BP chief hangs on to power

TVK-BP chief hangs on to power

Russian shareholders in oil firm TNK-BP loses its demand to oust UK chief Robert Dudley

The TNK-BP Management has
voted at an emergency meeting against its Russian shareholders’ demands to oust
Robert Dudely, the company’s British chief executive.
The shareholders and BP are locked in a battle for control of the oil company,
which generates about a quarter of BP’s oil production, and the Russian
shareholders claim Dudley shows favouritism to BP, BBC News reports.

Despite surviving the vote, Dudley is expected to face more challenges to his
position during the week from the group of Russians involved in a dispute since
May with BP, centering on strategy and management control.

TNK-BP will hold a board meeting this Friday when the Russian group is
expected to re-table its demand for the chief executive’s resignation.

Further reading:

TNK-BP CFO’s visa pulled

BP accused of dealing secretly with Kremlin

Read
the BBC News story

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