BP Backs TNK-BP CEO's Decision to Serve Outside Russia

Robert Dudley, CEO of TNK-BP, announced today that he is to leave Russia temporarily. BP is deeply disappointed that Dudley has reached the conclusion that the interests of TNK-BP would be best served if he performed his duties outside Russia. Dudley has the full backing of BP in its role as 50% shareholder in the company.

BP said it sympathized with Dudley's view that the continuing harrassment orchestrated by the Alfa, Access and Renova (AAR) shareholders is preventing him from fulfilling his duties as CEO of TNK-BP and Chairman of its Management Board in Russia.

BP CEO, Tony Hayward, said, "We regret that Dudley has been subjected to such sustained attacks and consequently has decided to leave Russia. He is an outstanding CEO and we remain fully supportive of his ongoing role managing the joint venture for the benefit of all shareholders.

"BP will use all means at its disposal, both inside and outside of Russia, to defend its interests and rights as a 50 per cent shareholder in TNK-BP. This will include bringing arbitration proceedings against AAR to recover any and all losses suffered by BP as a result of their violations of the terms of our shareholder agreement," Hayward added.

Dudley will continue as CEO outside Russia and has all requisite powers to do so.