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Moscow: BP is conducting secret, high-level negotiations with the Russia-connected billionaires who co-own its troubled Russian venture TNK-BP and an outline deal to settle their dispute may come in weeks, a source familiar with the matter told Reuters.
Lamar McKay, a top BP troubleshooter brought in to resolve a long-running row over strategy and management control at TNK-BP, held a five-hour meeting in London the week before last with Mikhail Fridman, the billionaire oligarch who calls the shots on the Russian side of the company, the source added.
"The initial idea was to negotiate a quick two-pager to cease hostilities but this has now turned into something more substantial around agreeing the principles of how to run the company," the source said, speaking on condition of anonymity.
"A deal is a few weeks away. They are likely to sign something."
Under wraps
Stan Polovets, chief executive of the AAR consortium which groups the Russia-connected oligarchs, declined to discuss the talks. "We agreed not to comment on the negotiations and we feel it's really important to honour that agreement," he said.
A BP spokesman in Russia also declined to comment, beyond confirming that general discussions were going on.
The source said discussions between BP and the oligarchs were proceeding on the basis that both sides would keep their current 50-50 shareholdings, but any deal would probably give the oligarchs more say in how the company is run.
"Holding an equity stake and having control are two different things in Russia," the source added.
Dudley's replacement
One of the toughest issues in the talks was the question of who would replace TNK-BP's current chief executive, Robert Dudley, the source said.
Dudley, a former BP executive whom AAR accuse of favouring his old employer, is managing the company from abroad, having left the country secretly in July citing harassment.
A Moscow court later banned him from working in Russia for two years, claiming labour law violations. District prosecutors questioned the ruling, saying it violated legal procedure and Dudley filed an official complaint.
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