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Robert Dudley Eluded Pursuit
TNK-BP Chief Executive Robert Dudley, whose resignation is the key requirement of Russia’s holders, left the country past night. The official, who explained his decision by uncertainties and sustained harassment, will continue as CEO from overseas. Regardless, Russia’s holders have advanced en route to grabbing the operational control over the venture and disqualification is a real threat for Dudley today.
TNK-BP announced yesterday that Dudley temporarily left Russia to continue as CEO from overseas. Dudley attributed the departure to “uncertainties surrounding the status of my work visa and the sustained harassment of the company and myself.”
Dudley said he left Russia following clear recommendation of independent legal consultants. The official didn’t specify where he was going, and a source close to TNK-BP said it wouldn’t be London for sure. He will have to execute a new invitation to return to the country, people in the RF Federal Migration Service told Interfax.
Russia’s holders of TNK-BP (AAR consortium) and western holders (ÂÐ) that control the company parri passu have been clashing since late 2007. The row covers development strategy, investment amount, foreign projects and structure of operational management. The Russians demanded Dudley’s resignation several times already, but were always denied by BP.
The analysts speculate that Dudley’s departure will help AAR finally win control over the venture. “It hasn’t been easy for him already and implementing the decisions from overseas is more difficult even technically,” said KIT Finance analyst Konstantin Cherepanov.
www.kommersant.com
All the Article in Russian as of July 25, 2008
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