Text size [+][-] Wednesday November 19 2008GLOBAL EDITION
Home > BP/Shell
By Fiona Maharg-Bravo
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BP has signed an agreement with its Russian partners in TNK-BP, aimed at resolving a dispute over control of the 50/50 Russian joint venture. The memorandum of understanding includes the appointment of three independent directors, and an option to sell up to 20% of the venture in an initial public offering. The current chief executive Bob Dudley will step down before the end of the year BP has agreed to nominate a new independent chief executive, subject to the approval of the TNK-BP board. The 14-person management committed will be more than halved.
fiona.maharg-bravo@breakingviews.com
