Doubts over BP’s future in Russia were fuelled last night after four Russian billionaires launched a legal challenge to strip BP-nominated directors of their powers in TNK-BP, the Siberian oil joint venture.

BP faces the risk of losing control of its Russian oil and gas assets as the Russians, who own 50 per cent of TNK-BP, said they would sue the British oil giant in two cities after it rejected an ultimatum to hand them more power in the boardroom.

The move pits BP against four of Russia’s most powerful businessmen in a struggle that may cause BP to lose management control of a business which accounts for a quarter of the British multinational’s oil and gas production. ... Read full article