The Russian conglomerate AAR is planning a billion-
dollar lawsuit against British oil multinational BP because of its
planned cooperation with another Russian oil-firm, according to
Russian business daily Kommersant.
AAR, a group representing Russian billionaire partners in TNK-BP, a joint-venture Russian partner of BP, claims that BP's planned cooperation with Rosneft violates the terms of their own agreement.
AAR (Alfa-Access-Renova) says that TNK-BP's shareholder agreement prohibits both parties from taking part in ventures with other Russian oil and gas companies without prior consent from the joint board of directors.
The billionaires' group -- made up of Mikhail Fridman, Viktor Vekselberg, German Khan and Leonard Blavatnik -- now wants up to $10 billion of compensation from BP and state-owned oil giant Rosneft.
BP and Rosneft had agreed in January to swap $7.6 billion of shares each and enter a "strategic cooperation" in the development of Arctic oilfields.
An arbitration tribunal in Stockholm has put a temporary stop to the plans, while the deadline for the share-swap runs out on Thursday.
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