Russians Wont Sell TNK-BP Stake

Russians Wont Sell TNK-BP Stake

Russian shareholders involved in a bitter public dispute with BP PLC over its TNK-BP joint venture have no intention of selling their stake.

Billionaire tycoon Mikhail Fridman says he and the other Russian partners in TNK-BP will press their demands for the ouster of its American chief executive and other changes in the oil company, which he said is pursuing the interests of BP to the detriment of its own development.

Fridman said the Russian shareholders will use lawsuits to seek parity on the board and an equal say in setting strategy because talks have brought no resolution of the escalating conflict at the 50-50 company once seen as a success story for Western business in Russia.

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