TNK-BP: Fridman To Stay As CEO Until 2013

U.K. oil major BP PLC's (BP) Russian joint venture TNK-BP Ltd. said Friday it has agreed a new management structure with its Russian partners, under which Mikhail Fridman will stay on as chief executive until the end of 2013, when BP will nominate a new CEO.

Fridman was appointed interim CEO after the joint venture's first boss--Bob Dudley, who now heads BP--was forced to leave Russia in 2008 at the climax of a conflict between the U.K. oil major and its billionaire partners known at the Alfa-Access-Renova consortium, or AAR.

TNK-BP also said that co-owners Viktor Vekselberg and German Khan, who represent AAR, will continue as executive directors.

BP-nominated Jonathan Muir and Alexander Dodds will serve as chief financial officer and head of upstream, respectively. BP will also
nominate the head of downstream activities, the company said in a statement.

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