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Schröder to join board of British-Russian oil firm TNK-BP

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Schröder to join board of British-Russian oil firm TNK-BP
Photo: DPA
21:53 CET+01:00
Former German Chancellor Gerhard Schröder will join the board of British-Russian oil firm TNK-BP, British energy giant BP said on Thursday, following a peace deal between its feuding shareholders.

"The shareholders... have agreed to appoint three independent directors, including former chancellor of the Federal Republic of Germany, Gerhard Schröder, to the restructured main board of TNK-BP," BP said in a statement.

Schröder's appointment marks his latest advance in Russian business. The ex-chancellor, a close friend of Prime Minister Vladimir Putin, already heads the Nord Stream pipeline project led by Russian state-run energy giant Gazprom.

Schröder was appointed along with two other independent directors "to avoid the risk of deadlock" between the 50-50 owners of the venture, BP and a group of Russian tycoons known as Alfa Access-Renova (AAR), the statement said.

BP and AAR fought a bitter, months-long battle for control of the company last year before agreeing on a settlement that included ousting its chief executive and shaking up its management structure. The company is Russia's third-largest oil producer and is said to account for about a quarter of BP's global output.

Three independent directors will be appointed in total, joining four directors from BP and four from AAR.

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