For TNK-BP mgmt, subject of involvement in BP-Rosneft deal closed - Barsky
SARATOV. March 17 (Interfax) - The issue of taking part the BP-Rosneft deal is for TNK-BP management a closed subject, deputy TNK-BP CEO Maxim Barsky has told the press.
"The negotiation process is already over for us. TNK-BP had several meetings of the board of directors that discussed this issue, but, unfortunately, the board voted against our involvement. So for us, as for the company, that is a closed subject. And we will get on with our current operations," Barsky said.
As reported, the TNK-BP board of directors had voted against management's proposal that the company invest in the deal with Rosneft. The idea was not supported by BP representatives, though representatives of AAR and three independent TNK-BP directors voted in favor of it. Under a TNK-BP shareholders agreement, a decision is considered approved unanimously accepted.
Management proposed that TNK-BP replace BP in the deal with Rosneft, suggesting the possibility of the former buying up the latter's shares with an eye to later swapping them for Rosneft shares, as well as TNK-BP participation in a project in the Arctic.
BP and Rosneft announced in January the creation of a global alliance based on mutual share-ownership and joint operations on Russia's Arctic shelf. Almost immediately after this announcement, BP's partner in TNK-BP, the AAR consortium (Alfa Group, Access Industries, and Renova), charged there were violations of the TNK-BP shareholder agreement in the BP-Rosneft alliance and that it intended to take the matter to court to defend its rights.
London High Court granted an AAR request for an injunction against the deal pending examination by Stockholm arbitration, which was scheduled to begin in the first half of March. AAR and BP are now using accelerated arbitration procedures to the settle the matter of the agreement at court in Stockholm.
