BP and AAR to settle all major disputes
13.11.12 17:12 By News Dept.
Russian company AAR and the British oil company BP, both owning 50% of TNK-BP, have reached an agreement to settle all their disputes, the Prime new agency reported on Tuesday.
"BP and AAR, joint shareholders in TNK-BP, announced today that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other," said a statement released by both companies.
"We have reached an agreement that will satisfy both parties," AAR CEO Stan Polovets said.
Russia's AAR Consortium and Britain's BP have agreed to reinstate the board of TNK-ВР directors in its full capacity, the joint statement said Tuesday.
The parties have reached a consensus to amend several articles in the TNK-ВР charter to give more power to its board and allow its members to make decisions that require a simple majority or unanimity.
The Board of Directors will be restored once all necessary amendments are introduced, the announcement said.
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