TNK-BP moves to block $1.8bn share payout

first_img Tags: NULL RUSSIAN shareholders in TNK-BP have called an extraordinary board meeting to discuss cancelling a $1.8bn (£1.1bn) dividend payment, half of which would have gone to British partner BP.The latest twist in the feud between BP and the Russian shareholders in the joint venture comes after BP said it had offered its partners in TNK-BP an arbitration meeting, ahead of a court hearing that could overshadow its results tomorrow. AAR, a Russian consortium that owns half of TNK-BP, will hear tomorrow whether the High Court has granted it an injunction blocking BP’s $16bn (£10bn) share swap and exploration deal with Russia’s state-owned oil group Rosneft. AAR believes the agreement could breach TNK-BP’s right to first refusal on BP’s activities in Russia. But BP has written to TNK-BP chief executive and AAR member Mikhail Fridman to request a “fast track” arbitration meeting in Sweden to try and smooth the path for its Rosneft deal.“Under the shareholder agreements, the process for settling disputes if they can’t be settled within the shareholders is to go to independent arbitration in Sweden,” a BP spokesman said yesterday. Sunday 30 January 2011 11:03 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia KCS-content Show Comments ▼ TNK-BP moves to block $1.8bn share payout whatsapplast_img