BP Slams Partner Over Failed Russian Oil Deal

Law360, New York (August 9, 2011, 5:03 PM EDT) -- BP PLC on Friday reportedly filed an arbitration proceeding against the president of Renova Group, one of its partners in an oil joint venture, saying he violated an agreement in helping to block BP's attempted alliance with Rosneft, Russia's top state-owned oil company.

BP alleges that Viktor Vekselberg, who owns a 12.5 percent stake in joint venture TNK-BP Ltd. through Renova, exceeded the shareholder terms by holding large natural gas and fuel assets through his IES Holdings Ltd., Russia's largest private power supply company, according to...
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