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Warring TNK-BP shareholders reach tentative agreement on terms for truce

The first signs that the fighting Russian and British shareholders in the TNK-BP oil joint venture are now tired from their exhaustively ugly public battles over the future of the company could be the penning of the Memorandum of Understanding by the two parties in September, which envisages re-structuring of the TNK-BP board and several amendments to the company’s charter documents. Specifically, BP and the Russian AAP consortium comprising Alfa Group, Access Industries and Renova agreed to make changes to the company’s management structure, including the resignation by the yearend of the current CEO, Robert Dudley, accused by AAP of siding mainly with BP, and introduction of three new independent members to the TNK-BP board. Also, the criteria and procedures for appointing the new CEO were agreed upon, namely, the new CEO, who is to be nominated by BP and approved by the board, should, apart from the traditional industry expertise requirements, have extensive experience in working in the local oil industry and be proficient in Russian. Commenting the latest developments, BP CEO Tony Hayward called the agreement as “a sensible means of resolving a situation that could not continue without causing serious damage to what has been an immensely successful joint venture for all concerned.”