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Boss of BP Russia venture leaves Boss of BP Russia venture leaves
(about 2 hours later)
BP has said the chief executive of its Russian joint venture TNK-BP has temporarily left Russia because of "sustained harassment".BP has said the chief executive of its Russian joint venture TNK-BP has temporarily left Russia because of "sustained harassment".
Robert Dudley will run the company from outside the country and BP said that TNK-BP will operate as normal. Robert Dudley will run the company from outside the country and BP said that TNK-BP would operate as normal.
This year TNK-BP has faced lawsuits, visa rows, industrial spying claims, as well as arguments over investment and the future role of Mr Dudley. This year TNK-BP has faced lawsuits, visa rows and industrial spying claims, as well as arguments over investment and the future role of Mr Dudley.
On Tuesday, BP pulled out its last 60 technical specialists from Russia. The Russian shareholders said the claims of harassment were "insulting".
A spokesman for BP in London said that Mr Dudley had decided to leave because "he felt the sustained harassment of the company made it impossible for him to lead the company in Russia". They reiterated their call for a new chief executive.
Mr Dudley said that he hoped his decision would mean the "administrative pressure" on the company would now ease. Pressure
"I hope this will enable our employees to continue with our business, outside of the media glare, whilst the shareholders seek to resolve their differences," he said in a statement. Mr Dudley said he had decided to leave because of uncertainty surrounding his work visa and the "sustained harassment" of the company and himself.
Attacks AAR's efforts to wrest control of the company through illegitimate means are damaging the company Lord George RobertsonDeputy chairman, TNK-BP class="" href="/1/hi/business/7523174.stm">What lies behind the TNK-BP row
BP owns 50% of the venture while the Russian shareholding is made up of three billionaires who control a consortium known as Alfa Access Renova (AAR). He said that despite having a valid employment contract, he had been unable to obtain a work visa and a transit visa was due to expire on Sunday.
The Russian investors have accused Mr Dudley of acting only in BP's interests and have called for his dismissal. "In addition..., the company and I have faced unprecedented investigations, proceedings, enquiries and other burdens," he said in a statement.
Mr Dudley's visa has not been renewed on the grounds that he allegedly does not have a valid work contract.
He hoped his decision would mean the "administrative pressure" on the company would now ease.
'Insulting'
BP owns 50% of the venture while the Russian shareholding is made up of a number of Russian billionaires who control a consortium known as Alfa Access Renova (AAR).
On Thursday, AAR said that Mr Dudley's employment contract had run out in December and said that AAR had not interfered with the decisions of the Russian authorities on his work visa.
Mr Dudley said the dispute had created unstable working conditions
It said the allegations of harassment were "deeply inappropriate and insulting".
Mikhail Fridman, one of the billionaire investors and TNK-BP's chairman, said that it was a "ridiculous notion that the company could be run by remote control from London".
"TNK-BP is an independent oil company in which BP is not a controlling shareholder," Mr Fridman said.
"We continue to insist that BP nominate a new independent chief executive office who would be based in Moscow and manage TNK-BP in the interest of all shareholders."
The Russian investors have accused Mr Dudley of acting only in BP's interests.
AAR is also said to want higher dividend payments from the venture.AAR is also said to want higher dividend payments from the venture.
BP said that it sympathised with Mr Dudley's view that harassment by the AAR shareholders is preventing him from fulfilling his duties. Outrage
"We regret that Mr Dudley has been subjected to such sustained attacks and consequently has decided to leave Russia," BP chief executive Tony Hayward. BP executives expressed their outrage at what they called "an orchestrated campaign of harassment" in the increasingly bitter dispute.
"We remain fully supportive of his ongoing role managing the joint venture for the benefit of all shareholders." On Tuesday, BP said it had pulled out its last 60 technical specialists from Russia, following 90 who had already left.
Peter Sutherland, chairman of BP, said that AAR's actions were doing "enormous damage" to Russia's reputation as a place to do business.
"It saddens me that nowhere in our recent history have we been treated as we are currently being treated in Russia," he said.
"There has even been manipulation of elements of the Russian state as part of this campaign."
Lord George Robertson, deputy chairman of TNK-BP, said that the behaviour of AAR was outrageous.
"AAR's efforts to wrest control of the company through illegitimate means are damaging the company and, regrettably, Russia's reputation among international investors," he said.