Robin Pagnamenta, Energy and Environment Editor
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BP has been accused of secretly working with the Kremlin to force its Russian joint venture partners in TNK-BP to sell their stake to Gazprom.
Stan Polovets, chief executive of Alfa-Access-Renova (AAR), the consortium that represents BP's Russian billionaire co-owners in TNK-BP, claimed that the UK oil giant viewed Gazprom as a preferable partner.
His comments came as TNK-BP was braced for fresh trouble today after a group of Russian directors of its core unit resigned on the eve of its annual meeting.
Four directors of TNK-BP Holdings (TBH), the group's main operating subsidiary, stood down yesterday. They were Igor Maidanik, head of legal support, Boris Kondrashov, head of security, as well as two others, Roman Bezrukov and Alexander Gorshkov. Five other directors remain in place.
In a briefing to journalists in London, Mr Polovets said: “The Russian directors of TBH have formally informed the CEO of the company and the other [major] shareholders that they are stepping down as directors of TNK-BP Holdings.”
Their departure represents the latest step in an escalating dispute with BP over control of Russia's third-biggest oil producer.
The leadership of Bob Dudley, TNK-BP's chief executive, has become a key sticking point. Last night, however, BP reaffirmed its support for Mr Dudley and brushed aside proposals from the Russians to settle the dispute by having their representatives step down in return for BP appointing a new chief executive who is not from BP.
A spokesman for BP said: “We are absolutely committed to our Russian business and to Bob Dudley. We think we have a great future in Russia and will be there for many years to come.”
The spokesman declined to comment on the claims about working with the Kremlin. However, privately they were dismissed by sources close to the company.
“We can't tell the Russian Government what to do,” said one. “What partners do with their shares is entirely their affair.”
Meanwhile, in an interview yesterday Dmitry Medvedev, the new Russian President, denied that Russia had any intention of buying a stake in private companies, including TNK-BP.
BP's 50 per cent share in TNK-BP was the largest foreign investment in Russia when it was unveiled in 2003, and was heralded as a watershed moment in the country's post-Soviet era development.
The remaining 50 per cent of TNK-BP is controlled by four Russian billionaires: Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik.
BP's senior management, including Tony Hayward, chief executive - who took over the position from Lord Browne of Madingley last May - now accept that control of TNK-BP will pass to the Russian state, with BP taking a minority position.
The billionaires are thought to be seeking to maximise their return by gaining management control of the venture.
The dispute took another twist yesterday as it emerged that the Russian co-owners have not yet agreed to a plan to sell TNK-BP's interest in the giant Kovykta gas field to Gazprom.
A proposal to sell the field and retain an option for a minority stake in it was unveiled last year.
The departing directors are not expected to seek re-election. Their exit piles the pressure on BP as it could, in theory, render decisions made at the annual meeting inquorate.
AAR has also threatened legal action if the remaining directors of TNK-BP Holdings take decisions that are opposed by the Russian partners.
TNK-BP has been the victim of a sustained campaign of attacks in recent weeks, including raids on its offices by tax and security agents, environmental investigations and visa problems.
AAR claims that TNK-BP is being run purely in the interests of BP, rather than in that of all shareholders.
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