TNK-BP to Seek Up to $10 Billion in Damages From BP

BP PLC's Russian joint venture, TNK-BP, Ltd. is planning to seek damages of up to $10 billion from the U.K. oil major, which TNK-BP accuses of breaching a shareholder agreement, people familiar with the situation said Tuesday.

TNK-BP's management, led by the company's billionaire shareholders, estimates damages at between $5 billion and $10 billion for lost business opportunities after BP agreed to work with state oil company OAO Rosneft in the Arctic, a person close to TNK-BP's management said.

A BP spokesman declined to comment but said the company hasn't received any notice about a possible lawsuit. TNK-BP also declined to comment.

Read Full Article from Wall Street Journal

- Posted: 2011-04-12 11:04:17

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