TNK-BP rejects role in BP-Rosneft Arctic oil deal
Shareholders in Anglo-Russian oil joint venture TNK-BP have failed to agree on a possible role in its UK parent's Arctic exploration deal with state-owned Rosneft.
In January BP and Rosneft announced a $16bn (£9.9bn) share-swap and joint exploration agreement.
But TNK-BP shareholders claimed BP broke an agreement to inform them of any other Russian oil business deals.
Russian shareholders in TNK-BP have now rejected a role in the Rosneft project.
"A proposal by BP's nominated directors, which would have allowed TNK-BP to hold initial discussions with Rosneft about pursuing the Arctic opportunity, was rejected by Alfa, Access and Renova (AAR)," BP said in a statement.
The AAR consortium, which has four representatives on the TNK-BP board, represents the interests of Russian shareholders in the joint venture.
Last month AAR won a High Court injunction in London that has put the BP-Rosneft deal on hold until the dispute is resolved.
A ruling is expected by the end of the month.