BP resists Russian

The chief executive of BP said the oil giant would “not be intimidated by strong arm tactics” in the dispute with the billionaires who share control of its key Russian venture as the company unveiled a huge leap in profits on the back of strong prices.

Advising foreign investors to tread with caution in Russia, Tony Hayward accused the firm’s Russian partners of wanting to tear up the agreement that founded the TNK-BP venture in 2003. He said BP would “vigorously defend” its rights using “all legal means” at its disposal, in what has become a battle for control of the business.

TheHerald