Russian partners bid to remove TNK-BP chief

By Russell Hotten, Industry Editor The power struggle at TNK-BP has taken another twist after BP's partners in the Russian oil venture called an extraordinary meeting of the board of directors in a bid to remove chief executive Robert Dudley. Viktor Vekselberg, a board member and one of three Russian billionaires who together control 50pc of TNK-BP, called the meeting for July 7, when one motion will discuss Mr Dudley's removal and another will request BP nominate a new, "independent" chief executive. BP, whose chief executive Tony Hayward raised the TNK-BP crisis at a meeting with Prime Minister Gordon Brown yesterday, said that the company backed Mr Dudley. As both sides own equal shares, the board meeting is likely to end in stalemate, raising the prospect that the next stage of the TNK-BP saga will be in the courts. BP... [read full story]