BP Pledges Continued Robust Support For TNK-BP CEO Robert Dudley
Posted on July 25, 2008 – 10:23 pm | by oilandgaspress.com
Robert Dudley, Chief Executive Officer of TNK-BP, announced today that he is to leave Russia temporarily. BP is deeply disappointed that Mr Dudley has reached the conclusion that the interests of TNK-BP would be best served if he performed his duties outside Russia. Mr Dudley has the full backing of BP in its role as 50 per cent shareholder in the company.
BP said it sympathized with Mr Dudley’s view that the continuing harrassment 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.
BP Chief Executive Officer Tony Hayward 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,” Hayward added.
Mr Dudley will continue as CEO outside Russia and has all requisite powers to do so.
Since TNK-BP was formed in August 2003 it has been the most successful Russian oil company on most measures used by investors. In that time it has recorded the highest organic production growth, the highest organic reserves replacement, the lowest cost of adding new reserves, the highest capital efficiency and the highest return on capital employed.
The company has generated more than $70 billion in tax revenues and duties for the Russian government and has paid out more than $20 billion to its shareholders in dividends.
Further enquiries:
BP Moscow, + 7495 363 6262
BP press office, London +44 (0) 20 7496 4076
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