Minority shareholders in TNK-BP , the Russian oil firm half-owned by BP , have increased their claim for damages over the British major’s attempt to ally with Rosneft to 154.3 billion roubles ($4.9 billion) from 87.1 billion.
The shareholders have filed a lawsuit with a court in Tyumen, where TNK-BP is registered, against BP over the failed partnership with state-controlled Rosneft. The litigation led to BP’s Moscow office being searched by bailiffs last month.
The plaintiffs said BP had failed to bring TNK-BP into the agreement with Rosneft to jointly develop Arctic offshore oil deposits and swap shares, seeking 87.1 billion roubles in damages from BP Russian Investment Limited and BP Plc.
Russian minority shareholders in TNK-BP claimed that BP should conduct its business in Russia exclusively via the TNK-BP joint venture.
On Wednesday, BP and law firm Liniya Prava, which represents the TNK-BP shareholders, said the claims were increased to 154.3 billion roubles during a preliminary hearing in the Arbitration Court of Tyumen region. A new hearing was set for October 13.
BP said the “amount of alleged damages is unproven and baseless”.
A lawyer for the TNK-BP shareholders explained the claim was increased due to potential loss from the fact TNK-BP could not take part in international projects should it have supplanted BP in the Rosneft deal.
BP and Rosneft, Russia’s largest oil firm, signed the agreement with much fanfare in January, but the deal fell through after the Alfa-Access-Renova (AAR) consortium, BP’s partners in TNK-BP, blocked in arbitration.
