A court in Siberia has thrown out two huge lawsuits against BP. The decision is a key victory for the oil company in the legal battles surrounding its Russian joint venture TNK-BP.
Minority shareholders had tried to sue BP for a total of more than11.5 billion euros claiming they had suffered financial losses from the failure of a planned strategic alliance between BP and Rosneft.
Legal wrangling does continue in a British court between BP and the biggest Russian joint venture shareholders.
They are arguing that the BP-Rosneft deal violated an exclusivity clause in TNK-BP’s shareholder agreement.
Rosneft has since agreed to search the same blocks in the Kara Sea with US energy group ExxonMobil.