Crossroads

At the intersection of technology, finance and the Pacific Rim.

Wednesday, July 16, 2008

JVs

Details, details.

"BP’s holding in its TNK-BP joint venture looked to be under renewed threat on Tuesday after Russia’s migration authorities declared that Robert Dudley, the oil venture’s chief executive, may not be able to remain in Russia after his visa expires at the end of July"

And the reason? It states at the end of the article:

a spokesperson for the migration authorities on Tuesday said it would be impossible to issue a visa for Mr Dudley because his contract had expired. TNK-BP said it had received no request for a new contract. It said migration authorities had stamped Mr Dudley’s application and said he would receive a visa by July 28. It said Mr Dudley’s contract was still valid because he had not been informed it was being terminated. AAR said Viktor Vekselberg, one of the Russian billionaire shareholders, was the only person authorised to extend Mr Dudley’s Russian employment contract because he was chairman of TNK-BP Management, the management unit of the company.

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