BP and its Russian partners in the TNK-BP joint venture have signed the peace deal they agreed in principle in 2008, weakening the British group’s grip on the company.
The deal, which followed months of conflict over the venture, leaves two of the Russian shareholders in powerful executive roles.
It will also lead to the appointment of a new chief executive, who must be approved by the Russian tycoons who own 50 per cent of TNK-BP.
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