MOSCOW, July 13 (Reuters) - The four billionaire partners of oil major BP <BP.L> in TNK-BP said on Sunday said they were disappointed they had failed to sack the CEO of the Russian joint venture at a board meeting two days earlier.
A row between BP and the Russia-connected billionaires over ownership of TNK-BP Holding, which pumps as much oil as Britain and is Russia's third largest oil producer, has overshadowed the company for the last year.
On Friday at a meeting in Cyprus, BP's board members blocked a proposal to sack TNK-BP CEO Richard Dudley, who the Russia-connected shareholders accuse of poor management.
'We are disappointed that BP again rejected our proposals aimed at enhancing the performance and governance of TNK-BP,' Mikhail Fridman, the chairman of TNK-BP and one of the four billionaire shareholders, said in a statement.
Each side has five board members and in the event of a deadlock, there is no casting vote.
BP and their Russia-connected partners, represented by AAR consortium, disagree on TNK-BP's future strategy.
(Writing by James Kilner; Editing by Quentin Bryar) Keywords: TNKBP/ tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
A row between BP and the Russia-connected billionaires over ownership of TNK-BP Holding, which pumps as much oil as Britain and is Russia's third largest oil producer, has overshadowed the company for the last year.
On Friday at a meeting in Cyprus, BP's board members blocked a proposal to sack TNK-BP CEO Richard Dudley, who the Russia-connected shareholders accuse of poor management.
'We are disappointed that BP again rejected our proposals aimed at enhancing the performance and governance of TNK-BP,' Mikhail Fridman, the chairman of TNK-BP and one of the four billionaire shareholders, said in a statement.
Each side has five board members and in the event of a deadlock, there is no casting vote.
BP and their Russia-connected partners, represented by AAR consortium, disagree on TNK-BP's future strategy.
(Writing by James Kilner; Editing by Quentin Bryar) Keywords: TNKBP/ tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.