Russian partners pull directors from TNK-BP unit

By Tom Bergin

LONDON (Reuters) - The Russian billionaire co-owners of oil company TNK-BP Plc increased pressure on their partner BP on Wednesday by pulling their representatives from the board of TNK-BP's core subsidiary a day before the unit's annual general meeting.

Stan Polovets, chief executive of the Alfa-Access-Renova (AAR) consortium, which represents the Russian billionaires, said the directors in TNK-BP Holding (TBH) would not seek re-election at the AGM.

"The Russian directors of TBH have formally informed the CEO of the company and the other (major) shareholders that they are stepping down as directors of TNK-BP Holdings," he told a briefing for reporters in London.

Nonetheless, the Russian shareholders will be represented at the meeting and had agreed with a resolution on TNK-BP Holding paying a dividend for 2007.

Around 5 percent of TNK-BP Holdings is quoted on the stock exchange in Moscow, while TNK-BP, which is 50-50 owned by UK-based major oil company BP and its oligarch partners, owns the rest.

BP and the billionaires who co-own Russia's third-largest oil producer have been locked in an increasingly vocal dispute over recent months.

BP has said attacks on TNK-BP, including the raiding of its offices by the security services, tax and environmental probes and difficulties securing visas for workers, are part of a campaign being orchestrated by its Russian partners to win control of the venture.

The Russians say TNK-BP's chief executive, Bob Dudley, who was appointed by BP, is running the company in BP's interests and at their expense.