Russian tycoon Viktor Vekselberg, who two years ago was a central figure U.K. oil major BP PLC's (BP) battle for control of TNK-BP Ltd. (TNBP.RS), will step down from the company's management board by the end of the year.

The move comes after demands from BP during a bitter shareholder dispute two years ago that its Russian partners exit TNK-BP's senior management.

BP, which gets around a quarter of its total production from TNK-BP--Russia's third-biggest oil producer--eventually kept its 50% stake, but was forced to ease it grip of the company when BP's current head, Bob Dudley, was ousted as chief executive.

As the dispute ended, the Russian billionaire shareholders led by Vekselberg, Mikhail Fridman and German Khan agreed to demands from BP to improve corporate governance and gradually interfere less in the company's daily operations.

Vekselberg--a shareholder in TNK-BP and executive director of the company's gas business--will exit the company's management to focus on Russia 's new high-tech hub Skolkovo, TNK-BP said, referring to comments made by Vekselberg Friday. The company didn't say who would replace him.

Vekselberg will remain a shareholder of the company alongside partners Fridman, Khan and Lev Blavatnik. Together they hold 50% of shares in TNK-BP through their Alfa-Access-Renova, or AAR , consortium, with BP holding the remaining shares.

In 2008, a public shareholder dispute between BP and its partners about control of the company rattled investor confidence in Russia . AAR initiated raids on BP's offices by security forces and tax probes and succeeded in ousting Bob Dudley as chief executive of the joint venture.

Vekselberg, Fridman and Khan are still part of TNK-BP's top management, despite agreeing in 2008 to demands from BP to exit the company's management board. Interim Chief Executive Fridman will step down next year, to be replaced by Maxim Barsky.
Ακολουθήστε το energia.gr στο Google News!Παρακολουθήστε τις εξελίξεις με την υπογραφη εγκυρότητας του energia.gr

Διαβάστε ακόμα