May 29, 2012 By Citizen M

Fridman’s Departure Shakes TNK-BP

Yesterday’s big news was the shock departure of oligarch Mikhail Fridman from the board of joint venture TNK-BP.  The partnership has been on the rocks for some time, principally due to the AAR consortium’s decision to block BP’s Arctic deal with Rosneft last year, which prompted a storm of conflict.  Analysts have spoken of Fridman’s resignation as the culminaton of the loss of trust between the two sides, and that it signifies the desire, on the consortium’s part, to reconstruct the nature of the partnership.  The FT points out that along side this, there are other matters to consider, namely the return of eminence grise Igor Sechin to the helm of Rosneft: