Ex-German Chancellor Gerhard Schroeder and former Corus Group Plc Chairman James Leng resigned from TNK-BP’s board amid strained relations between BP Plc and its Russian billionaire partners, a person with knowledge of the decision said.
Former BP Plc Chief Executive Officer Tony Hayward plans to raise at least 1 billion pounds ($1.6 billion) in an initial public offering of an energy investment fund, according to three people with knowledge of the matter.
BP Plc’s billionaire partners rejected a proposal from the U.K. energy producer for TNK-BP, their Russian oil venture, to pay a $1 billion dividend, increasing pressure to resolve a shareholder impasse.
The board of TNK-BP, the Russian oil venture owned by BP Plc and a group of billionaires, cancelled a Feb. 24 meeting because two independent directors stepped down last year, leaving it without a quorum, Interfax said, citing an unidentified person with knowledge of the matter.
BP Plc and its billionaire partners in TNK-BP asked the Russian oil venture’s three independent board members to review OAO Rosneft and the U.K. explorer’s planned alliance, said Alexander Shokhin , one of the directors.
TNK-BP’s board delayed a vote on replacing BP Plc in an alliance with OAO Rosneft for a second week, as directors from the U.K. explorer and an independent member asked for more time to study proposals, the venture said.