Talks between BP PLC (BP.LN) and its Russian partners in joint venture OAO TNK-BP (TNBP.RS) have broken down, people close to the discussions said Wednesday.
The Russian owners - tycoons Mikhail Fridman, Len Blavatnik and Viktor Vekselberg through their Alfa Group, Access Industries and Renova holding companies - had asked BP to agree to certain changes in how TNK-BP is run by 0900 GMT, the people said.
BP didn't respond to this request, which in particular asked for greater authority within TNK-BP for Alfa co-owner German Khan, a big cut in the number of foreign staff at the company and board parity for the 50:50 owners, rather than the existing BP majority.
BP is hoping for more talks with its Russian partners, people close to BP said.