No clarity on BP's Russian future at investor forum

By Dmitry Zhdannikov

ST PETERSBURG, Russia (Reuters) - Clouds over the future of BP's giant Russian venture did not lift at Russia's annual investment forum as key players failed to clinch a deal and the top arbiter, Russia's president, avoided comment.

Investors had hoped a solution might be found at the St Petersburg Economic Forum to the row between BP and four Russian oligarchs. Analysts say the dispute was triggered by Kremlin pressure on the owners to cede control to a state firm.

But despite calls from some of the world's biggest executives, including the head of Exxon Mobil Rex Tillerson, to boost trust in the rule of law in Russia, President Dmitry Medvedev chose not to comment on the issue -- perceived to be his first serious test as president.

BP's chief executive Tony Hayward said before leaving St Petersburg he was confident a deal would be reached on the future of TNK-BP but its likely shape remained unclear.

"I've seen no indication of any change in structure, in the ownership structure of TNK-BP," TNK-BP's chief executive Robert Dudley told Reuters Television.

Some top government officials said they understood the reasons for the row between BP and its four Russian billionaire partners but would not intervene.

"Medvedev said nothing. And no one asked him about TNK-BP. It was a bit strange," said a source who attended a closed-door meeting of Medvedev with 80 top foreign executives, including Hayward.

TNK-BP pumps a quarter of BP's worldwide output and made net profits of $5.3 billion last year.