Accessibility links

Breaking News

Siberian Court Orders BP To Pay $3.1 Billion


An arbitration court in Siberia has ruled that British oil giant BP should pay $3.1 billion in compensation to its Russian joint venture partner TNK-BP over the British company's attempt to form an alliance with rival Russian state-controlled oil company Rosneft.

The verdict comes in response to a lawsuit launched last year by Andrei Prokhorov, an obscure minority shareholder of TNK-BP.

Prokhorov said TNK-BP Holding lost potential profits by being shut out of the $16 billion share-swap and joint Arctic exploration venture.

The multibillion-dollar Arctic deal between BP and Rosneft collapsed last year after Russian TNK-BP shareholders contested it.

BP's spokesman says it considers the ruling of the Tyumen Region Arbitration Court unfair and will appeal it.


Based on reporting by AFP and AP

RFE/RL has been declared an "undesirable organization" by the Russian government.

If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.

To find out more, click here.

XS
SM
MD
LG