TNK-BP Board Accepts Vekselberg Resignation

MOSCOW (Dow Jones Newswires), Dec. 24, 2010

TNK-BP Ltd., part-owned by U.K. oil company BP, said Friday its board has accepted the resignation of the company's Executive Director Viktor Vekselberg, effective Jan. 15, and delayed the appointment of Maxim Barsky as chief executive officer.

Vekselberg will be replaced by Barsky, as the company had said earlier in December. Barsky will assume his duties sometime in 2011 after the "finalization of stock options and long-term incentive plans," the company said.

Vekselberg will remain a member of the board of directors.

The company's board also approved a plan to increase its annual hydrocarbon production in 2011 by 1.3% to 715 million barrels of oil equivalent. The board also approved a 15% increase in the company's "organic" investment program to $4.6 billion in 2011.

Copyright (c) 2010 Dow Jones & Company, Inc.

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