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Russia’s TNK-BP says no impact from shareholder row



Russia’s TNK-BP says no impact from shareholder row

Mon Jun 2, 2008 1:55pm EDT MOSCOW, June 2 (Reuters) – Russian oil company TNK-BP TNBPI.RTS said on Monday a row between its shareholders had not affected its operations which it said remained aligned with annual forecasts.


TNK-BP’s shareholders — BP (BP.L: Quote,ProfileResearch) and a group of Russian businessmen — have been bickering publicly about strategy and leadership amid speculation that state-controlled Gazprom (GAZP.MM: QuoteProfile,Research) could make a bid for a major stake in the company.

“TNK-BP confirms that the company continues to implement all current commitments to all parties concerned, including plans to develop a number of new large-scale oil and gas projects in East and West Siberia,” the company said in a statement.

“TNK-BP intends to continue its operations with maximum efficiency, bearing in mind its responsibility as one of Russia’s largest taxpayers and supplier of fuel to the internal market,” TNK-BP said.

TNK-BP, Russia’s No. 3 oil company, failed to hold a board meeting last week when Russian shareholders pulled out following BP’s rejection of their demands to replace Robert Dudley, who has served as chief executive since TNK-BP’s creation in 2003.

Analysts say the two sides are fighting over who should sell their stake and who should remain as a TNK-BP shareholder. (Reporting by Maria Kiselyova; Editing by David Holmes)
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