Deal Could End TNK-BP Oil 'Shenanigans'

Law360, New York (September 4, 2008, 12:00 AM EDT) -- BP PLC and a consortium of Russian billionaires have resolved “fundamental disagreements” over the future of TNK-BP, a Russian oil firm with standout profits and potential. Chief among those disagreements was how to pick a CEO for the firm.

Per a newly announced Memorandum of Understanding, BP will nominate a new CEO for TNK-BP, whose revenue skyrocketed to $28.3 billion in the first half of 2008.

“We're looking for someone who can operate well in Russia,” BP spokesman David Nicholas said from London on Thursday....
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