Russians block BP divi

31st Jan 2011 12:24

The Russian oligarchs incensed by BP's Arctic oil exploration deal with Kremlin-backed Rosneft have voted against a $1.8bn fourth quarter dividend earmarked for their joint venture with the UK firm.BP stands to lose $900m from the decision made by its billionaire partners' Alfa-Access-Renova (AAR) vehicle, which owns 50% of TNK-BP.They have already filed an injunction to try and stop BP's £10bn tie-up with state-run Rosneft, claiming terms of their own joint venture includes a clause giving them the right to be part of any action on Russian soil. The lawsuit is due to be heard in a London court tomorrow, the same day as BP releases results for 2010 and announces its first dividend since last summer's oil disaster in the Gulf of Mexico that killed 11 workers.Shareholders are likely to get dividends worth an estimated $1.3bn, though that is well below the amount paid out before the US spill.