TNK-BP elects entirely new board

The Russian shareholders had accused BP of running TNK-BP like a subsidiary

BP's joint venture, TNK-BP, has elected a new board at an extraordinary meeting in Moscow.

The new board includes an equal number of representatives from the Russian shareholder group AAR and BP, and one independent director.

It brings to a close a festering dispute between BP and the Russian billionaires who own AAR.

Under the deal reached at the beginning of September, Robert Dudley had to step down as TNK-BP's chief executive.

TNK-BP's Russian partners had long called for Mr Dudley's departure and Mr Dudley left Russia in July in the face of what he said was "sustained harassment".

The Russian shareholders had accused BP of running TNK-BP like a subsidiary and Mr Dudley of favouring the British shareholder.

The company is now managed by interim chief executive Tim Summers.

BP owns 50% of the venture while the Russian shareholding is made up of a number of Russian billionaires who control a consortium known as Alfa Access Renova (AAR).

"The management of the company now looks forward to proceeding under the new governance model as we move to the next phase of the company's evolution," Mr Summers said in a statement.