BP attempts exit from Russia

BP has entered a high-stakes game of politics with its Russian partners after announcing plans to sell its stake in its joint venture, TNK-BP.

BP plans to sell its 50% stake in TNK-BP, a 50-50 joint venture in Russia with an oligarch-run consortium called AAR. The oligarchs insist that their agreement prevents BP sharing confidential information with other potential suitors. This threatens to give AAR a virtual veto over a sale and could lead to legal proceedings if BP fights back.

Meanwhile, a court in Siberia has ordered a fresh hearing into a $13bn lawsuit AAR brought against BP last year. AAR had insisted that an aborted tie-up between BP and Russian state-owned oil giant Rosneft contravened the terms of the joint venture.

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