Citing sources close to TNK-BP, the Financial Times said BP (NYSE:BP) is being sued by the company for damages of up to $10 billion.
TNK-BP management said, "TNK-BP is preparing documents with minority shareholders in TNK-BP Holding for lawsuits against BP for not informing us of the opportunity with Rosneft and for not winning the agreement of the shareholders," according to the Times article.
The management claims the company has lost opportunities to explore in the Russian arctic because of the actions of BP.
In another recent blow to the oil giant, a proposed $16 billion share-swap with Russian state-run oil company Rosneft was ruled against when arbitrators upheld an interim injunction in the matter.
BP closed Monday at $46.67, falling $0.07, or 0.15 percent.
Tuesday, April 12, 2011
BP (BP) Sued for $10 Billion by TNK-BP
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