BP is facing a second front in the former Soviet Union after Russian jets were reported to have launched a bombing raid on its main pipeline in Georgia, raising fears that Moscow was moving to increase its stranglehold on Europe's energy supplies.
TNK-BP
BP on alert as Russian jets attack pipeline in Georgia
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Georgia: The return of Cold War diplomacy
The Kremlin is paranoid about the energy resources on which so much of its power depends: witness its acquiescence in the seizure of control of BP's Russian joint venture, TNK-BP, which Russian oligarchs pulled off with impunity...
The Pipeline War: Russian bear goes for West’s jugular
The pipeline is 30 per cent owned by BP and supplies 1 per cent of the worlds oil needs, pumping up to a million barrels of crude per day to Turkey.
Feud between BP and its Russian partners in TNK-BP
A Russian CEO Fined on Labor
August 9, 2008; Page B3
Anglo-Russian oil joint-venture TNK-BP on Friday said a Moscow court fined its Chief Executive Robert Dudley 500 rubles ($21) for violations of Russia’s labor law. The Federal Labor and Employment Service asked the court to look into a number of violations relating to labor protection and the use of a foreign work force. The ruling is the latest episode in the battle for control of the company between TNK-BP’s 50:50 shareholders, U.K. oil major BP PLC and a group of Russian tycoons.
Oil: TNK-BP’s credit rating may be cut over feud, warns Fitch
TNK-BP's debt rating could be cut, the credit-rating agency Fitch warned yesterday, citing the ongoing feud between the oil company and its Russian partners.
TNK-BP boss fined £10 as row rumbles on
In recent months, TNK-BP's offices have been raided by police and foreign staff have had visas denied. The company has been hit by back-tax claims and an obscure investment company started legal action against the joint venture.
TNK-BP’s Robert Dudley escapes three-year Russia ban and fined £10
Robert Dudley, chief executive of TNK-BP, BPs troubled Russian 50-50 joint venture, escaped a possible three-year ban from doing his job today despite a Moscow court ruling he had broken the Russian labour code.
S&P Warns of Fallout From TNK-BP Dispute
Standard & Poor's became the second credit-rating firm in a week to warn that the shareholder dispute at TNK-BP Ltd. is clouding the Russian oil company's prospects...
S&P downgrades TNK-BP amid exit
Standard and Poor's has become the second international ratings agency in two days to take action against BP's Russian oil joint venture, TNK-BP, after its chief financial officer quit blaming an escalating shareholder row
China, India Vie for Russian Oil
Russia's oil and gas fields have proved treacherous for other foreign investors. When Royal Dutch Shell PLC announced that costs at the Sakhalin-2 project had nearly doubled, Russian environmental regulators bombarded it with complaints until Shell sold a majority stake in the project to a Kremlin-run gas company in 2006.
BP Venture In Russia Hit as CFO Steps Down
However, a person close to BP said it looked bad for the London-based oil major. "This is another step in the corporate takeover," he said. "They've got the CEO to leave the country, they've got the 148 BP specialists out, and now they've got the CFO to resign."
Fight for control of BP-TNK escalates
James Owens resignation comes 10 days after Robert Dudley, TNK-BPs chief executive, left Russia citing a campaign of harassment. It will leave only three members of the groups original five-member core executive committee in Russia.
Oil: BP loses grip on troubled Russian venture as head of finance quits
The company has spent the past year fighting off claims from the tax, environmental and immigration authorities in what has been seen by some industry specialists as a rerun of the kind of problems that afflicted Shell until it sold part of its shareholding in Sakhalin to state-owned Gazprom.
Positive omens combine for courtship of Imperial Energy
The British group was accused of overstating its reserves to boost its share price, provoking fears that it could face the same renationalisation moves as Shells natural gas venture in Sakhalin and BPs Kovykta programme.
Shell courts Russia with asset swap plan
Shell declined to comment, but a spokesman said the company had "learned our lesson in Russia" after the forced sale of half its stake in the $22bn Sakhalin-II oil and liquefied natural gas field, off Russia's east coast, in 2006 to state-owned Gazprom.
Russia’s Medvedev warns officials against ‘terrifying’ businesses
In an address to Russian ministers yesterday, Mr Medvedev said "law enforcement and state institutions should stop terrifying business" - a comment widely interpreted as a response to the escalating TNK-BP battle.
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