Word: bp
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Dates: during 2000-2009
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...Along with the new geopolitical uncertainties, foreign businesses and investors are also grappling with signs of economic vulnerability such as rising inflation and slowing oil production, as well as heavy-handed corporate meddling by the government - not least in a high-profile joint venture involving British oil giant BP...
...With memories of Yukos' fate still fresh, investors didn't stop there: Putin's comments wiped tens of billions of dollars off Russia's stock market in a matter of days. The Mechel furore came on top of an ugly, months-long scrap over control of oil company TNK-BP between BP and its Russian billionaire partners. Robert Dudley, the BP-appointed CEO, last month quit Russia, citing "sustained harassment of the company and myself." BP blames its Russian partners for orchestrating a state administrative and regulatory crackdown on the firm in recent months; the Russians claim BP hasn...
...Moscow From Russia: Get Out Robert Dudley, CEO of TNK-BP, a lucrative joint venture between British oil giant BP and a Russian consortium, has left the country following what BP called a "campaign of harassment" by Russian authorities, aimed at gaining control of the company. Dudley continues to run TNK-BP, which provides a quarter of BP's global production, from a secret location...
...companies yearning to cash in on Russia's immensely lucrative energy boom, there's an obvious business lesson: choose your partners carefully. The moment a lock-in agreement blocking either side from selling out expired in December, the competing interests of BP and AAR looked set for a collision. Oil giants like BP are used to investing for the long term, knowing that patience is key in this capital-intensive business. AAR would like a faster return. Both sides might have done better, in fact, if one had taken overall control. Indeed, Putin recently recalled warning BP...
What could end all this bad blood? One possibility is that Gazprom might buy out the Russian billionaires, then take control of TNK-BP. Given the acrimony between BP and its partners, it's not hard to see why the Brits might welcome Gazprom. Likewise, Gazprom may be more attuned to the benefits of having a foreign partner with deep pockets and a long-term outlook. To help develop a vast gas field in the Barents Sea, Gazprom teamed up with Norwegian oil firm StatoilHydro and French giant Total last year, indicating there's still an openness to such partnerships...