TNK-BP CEO leaves Russia after "harassment"

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TNK-BP is an oil venture company owned 50 per cent by BP and 50 per cent by four Russian billionaires collectively known as Alfa, Access and Renova (AAR).

AAR and BP have been in conflict in recent months over the management of the venture.

BP said it was "deeply disappointed" that Dudley had decided to leave Russia but said it gave its "full backing" to the CEO.

The oil giant added that it "sympathized with Mr Dudley's view that the continuing harassment orchestrated by the Alfa, Access and Renova (AAR) shareholders is preventing him from fulfilling his duties as CEO of TNK-BP and Chairman of its Management Board in Russia".

The firm added however that Dudley would still fulfil his role as CEO of TNK-BP and had all the powers needed to do so from outside Russia.

Tony Hayward, Chief Executive of BP, said, "We regret that Mr Dudley has been subjected to such sustained attacks and consequently has decided to leave Russia. He is an outstanding CEO and we remain fully supportive of his ongoing role managing the joint venture for the benefit of all shareholders."

"BP will use all means at its disposal, both inside and outside of Russia, to defend its interests and rights as a 50 per cent shareholder in TNK-BP. This will include bringing arbitration proceedings against AAR to recover any and all losses suffered by BP as a result of their violations of the terms of our shareholder agreement."