"The market is panicking and foreign investors are pulling out of equities," said Michael Ganske, a Russia expert at Commerzbank. "People fear that the rule of law is breaking down...
TNK-BP
Kremlin’s heavy hand triggers foreign exodus
TNK-BP board to review venture’s spending plans
The board of BP's Russian oil joint venture, TNK-BP, will review the operation's capital spending plans, one of the key points of dispute in the bitter power struggle between the UK company and its billionaire partners.
BP to Fight for Control of Venture
BP PLC will use "all legal means" at its disposal to fight its partners in TNK-BP Ltd., the U.K.-based company's chief executive said Tuesday, ratcheting up the tension in a dispute for control of the Anglo-Russian joint venture.
BP hits a record but warns of Russia risk
Colin Smith, analyst at Dresdner Kleinwort, said BP had a superior short-term growth outlook than Shell.
Exercise caution in Russia, Tony Hayward warns investors
Speaking yesterday, during a press conference to announce BP's profit figures, Mr Hayward said: "Russia is quite a challenging place to do business."
Where next for TNK-BP?
Gazprom seems the most obvious buyer. However, the state-controlled gas giant has huge investment ahead. Its willingness to spend on acquiring a stake in TNK-BP is uncertain - unless it could be tempted at a bargain price
Russia’s Crony Statism
By now, the jilted investor in Russia is a bear-bites-man story. No one who puts serious cash in Vladimir Putin's realm, not least in its flush gas and oil fields, can be surprised to find himself fleeced, run out of town, jailed in a Siberian gulag or worse.
Battle for TNK-BP turns into all-out war
Fast forward almost five years, and the two sides are at war, one which is both highly public and personal.
Russians claim control of TNK-BP as court battle looms
The Russian shareholders at war with BP claim to have seized majority control of the core board of joint venture TNK-BP.
BP chief Tony Hayward takes tough line against Russian partners
BP chief Tony Hayward takes tough line against Russian partners
BP threw down the gauntlet to its Russian partners yesterday, saying that the group would not be forced out of its troubled joint venture.
We intend to hold our ground and we are not going to be intimidated, Tony Hayward, the chief executive of BP said in an interview with The Times.
But despite the rhetoric, Robert Dudley, TNK-BPs American chief executive, remains in hiding outside Russia as speculation grows that his abrupt departure was triggered by fears of imminent arrest. Mr Hayward said that he had been forced to leave because of a refusal by the Russian authorities to grant him a visa and investigations by state security agents.
TNK-BP row ‘is bad for Russia’ says British Foreign Office
Investors began to bail out of Russian-focused shares in London as concerns grew about the ability of Western companies to do business in the country.
Paying the price for Russia’s ‘loveable rogues’
Russian stocks are in freefall, spooked by threats of anti-trust inquiries by Vladimir Putin, the Prime Minister, falling oil prices and the chicanery over TNK-BP.
The retreat from Moscow
"ExxonMobil is the only one that could really pull it off but it is more logical for BP to do a merger of equals with Shell with Tony Hayward running both companies," Gheit added.
Head of BP Venture, Citing Harassment, Leaves Russia
People close to BP say TNK-BP's troubles stem from a Kremlin drive to transfer control of the company to a state entity like OAO Gazprom, leaving BP as a minority partner.
BP refuses to be intimidated by ‘strong-arm tactics’
Tony Hayward has a clear message for the Russian partners in TNK-BP, repeated several times in a conversation with the Financial Times last night: "We are not going to be intimidated by strong-arm tactics.
TNK-BP chief is ‘forced out’ of Russia
The beleaguered chief executive of BP's Russian oil joint venture abruptly left the country yesterday, blaming mounting uncertainties over his visa and "sustained harassment".