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.
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- Bitcoin Clones Lurch Onto Financial Scene
- General Motors Names Mary Barra as First Female CEO
- AIG to Create 230 Jobs in Charlotte
- Clinton to Keynote Annual Simmons Leadership Conference
- How Bitcoin and Other Cryptocurrencies Work
- Californians Want to Legalize Marijuana
- Pacific Trade Pact Delay Hinders U.S. Pivot to Asia
- Budget Deal Sets Off Grumbles in Both Houses
- Russia Says Nyet to Canada North Pole Claim