• Most Popular
  • Most Shared

BP sues Russian partners in TNK-BP

MOSCOW
Sat Jul 5, 2008 1:25pm EDT

Stocks

   

MOSCOW (Reuters) - Oil major BP (BP.L) said on Saturday it is suing its partners in the Russian venture TNK-BP (TNBPI.RTS) in London for 8.4 billion roubles ($357.3 million), money it believes should not have been paid out as back-tax claims in Russia.

Russia

The move comes on top of other problems at TNK-BP, whose owners, BP and four Russian-connected billionaires, are locked in a dispute over the firm's strategy and management control.

"It relates to our initial shareholding agreement signed back in 2003 which said that all back-tax claims prior to the creation of the TNK-BP venture must be paid by the Russians only," BP spokesman in Moscow Vladimir Buyanov told Reuters.

"It has nothing to do with the current dispute," he added.

TNK-BP has had to pay over $2 billion in back-tax claims over the past few years, with some claims relating to the period prior to 2003, before the venture was set up.

BP has already turned down a demand by the Russian shareholders for TNK-BP CEO Robert Dudley to resign and the Russian co-owners have said they would seek other legal means to limit BP's influence on the company.

Mounting state pressure on the firm in recent months, including back tax claims, office raids and the arrest of an employee on espionage charges, are signs that the Kremlin is putting pressure on either BP or the Russian billionaires to sell out to a state-controlled company, analysts say.

(Reporting by Dmitry Zhdannikov, writing by Amie Ferris-Rotman, Editing by Peter Blackburn)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article