Sep 5, 2008

BP Caves to Russian Demands

It's days like this I'm ashamed I named a drink after you, British Petroleum (cup of Earl Grey tea mixed with strong coffee).

The Washington Post: BP and its billionaire partners in Russia's 3rd-largest oil company said Thursday that they had resolved an ugly, high-profile battle for corporate control that had become a test of Moscow's openness to foreign investment.

BP gave in to demands by its partners in Russia to replace the joint venture's American chief executive, Robert Dudley, after refusing to do so for months. The company also agreed to sell new shares of a key subsidiary of the partnership.

But BP retained its 50 percent stake in the joint venture, TNK-BP, an outcome that had seemed uncertain given the Kremlin's interest in consolidating control of the nation's energy sector. BP also said it would be allowed to nominate Dudley's successor.


Pirates(and)Diplomats said...

"British Petroleum (cup of Earl Grey tea mixed with strong coffee)."

Ick. Why not just munch on moist coffee grounds?

Ern said...

Because that does not lend itself to a fun name!

BTW, side effects of drinking a BP include the shakes, drastic changes in body temperature, and the abilty to see through time.