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BP's Bob Dudley to return to Moscow BP's Bob Dudley to return to Moscow
(7 months later)
Bob Dudley, the BP boss, is poised to make a triumphant return to Moscow after being nominated to the board of state-owned Rosneft by the country's prime minister, Dmitry Medvedev.Bob Dudley, the BP boss, is poised to make a triumphant return to Moscow after being nominated to the board of state-owned Rosneft by the country's prime minister, Dmitry Medvedev.
It is an astonishing change of fortunes for the BP chief executive, who was chased out of Russia in 2008 amid speculation in the west that the Kremlin was supporting a campaign of harassment.It is an astonishing change of fortunes for the BP chief executive, who was chased out of Russia in 2008 amid speculation in the west that the Kremlin was supporting a campaign of harassment.
The nomination of Dudley, a US citizen who was chief executive of Moscow-based TNK-BP, was contained in a decree published on the government's website and was immediately declared "welcome" at BP's headquarters in London.The nomination of Dudley, a US citizen who was chief executive of Moscow-based TNK-BP, was contained in a decree published on the government's website and was immediately declared "welcome" at BP's headquarters in London.
BP needs a success as it fights US government charges in a New Orleans court that it acted with gross negligence during the Deepwater Horizon accident in the Gulf of Mexico three years ago.BP needs a success as it fights US government charges in a New Orleans court that it acted with gross negligence during the Deepwater Horizon accident in the Gulf of Mexico three years ago.
The British oil group is finalising a £35bn merger with Rosneft under which the Russian group will take over BP's 50% holding in TNK-BP and subsume that business into the wider Rosneft operation, which will control 40% of the country's oil. BP will in turn be handed a 20% stake in Rosneft under an agreement still awaiting approval from competition authorities in the European Union but which is expected to be completed by the summer.The British oil group is finalising a £35bn merger with Rosneft under which the Russian group will take over BP's 50% holding in TNK-BP and subsume that business into the wider Rosneft operation, which will control 40% of the country's oil. BP will in turn be handed a 20% stake in Rosneft under an agreement still awaiting approval from competition authorities in the European Union but which is expected to be completed by the summer.
The nomination – at this stage – has taken BP by surprise, but the British oil company still expects to obtain two seats on the board of Rosneft, which is run by chief executive Igor Sechin. Rosneft will not finalise the Dudley post until June at the earliest, when shareholders approve the final composition of the board at the company's annual general meeting.The nomination – at this stage – has taken BP by surprise, but the British oil company still expects to obtain two seats on the board of Rosneft, which is run by chief executive Igor Sechin. Rosneft will not finalise the Dudley post until June at the earliest, when shareholders approve the final composition of the board at the company's annual general meeting.
The merger is not without controversy because some Rosneft assets were obtained in unusual circumstances from rival Yukos, whose chief executive, Mikhail Khodorkovsky, languishes in a Siberian jail.The merger is not without controversy because some Rosneft assets were obtained in unusual circumstances from rival Yukos, whose chief executive, Mikhail Khodorkovsky, languishes in a Siberian jail.
Dudley left Moscow just under five years ago complaining about a "campaign of harassment" during a dispute with the other private shareholders of TNK-BP, a group of Russian oligarchs. Even on Friday BP was unwilling to reveal the secret location where Dudley holed up after leaving Russia before resurfacing in London.Dudley left Moscow just under five years ago complaining about a "campaign of harassment" during a dispute with the other private shareholders of TNK-BP, a group of Russian oligarchs. Even on Friday BP was unwilling to reveal the secret location where Dudley holed up after leaving Russia before resurfacing in London.
The billionaire Russians led by Mikhail Fridman who have since themselves sold out to Rosneft had accused Dudley of poor performance and favouring BP's interests – charges he has always denied.The billionaire Russians led by Mikhail Fridman who have since themselves sold out to Rosneft had accused Dudley of poor performance and favouring BP's interests – charges he has always denied.
The TNK-BP chief executive was already having trouble renewing his visa and there were also raids on the offices. Dudley insisted soon after that he would return to run the business but he was found another job by BP. He was later appointed group chief executive when Tony Hayward stood down as a consequence of the Deepwater Horizon blowout.The TNK-BP chief executive was already having trouble renewing his visa and there were also raids on the offices. Dudley insisted soon after that he would return to run the business but he was found another job by BP. He was later appointed group chief executive when Tony Hayward stood down as a consequence of the Deepwater Horizon blowout.
Though very lucrative in financial terms, the half-share in TNK-BP brought a string of disputes with the partners. Some have warned that the integration with Rosneft could take two years.Though very lucrative in financial terms, the half-share in TNK-BP brought a string of disputes with the partners. Some have warned that the integration with Rosneft could take two years.
Analysts from investment bank Renaissance Capital said in a research note released yesterday: "We are concerned that Rosneft's future integration of TNK-BP may be even more challenging – a concern we think current Rosneft shareholders may share."Analysts from investment bank Renaissance Capital said in a research note released yesterday: "We are concerned that Rosneft's future integration of TNK-BP may be even more challenging – a concern we think current Rosneft shareholders may share."
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