Daily Archives: October 18, 2012

John Gapper

The likely end of BP’s tempestuous, yet profitable, partnership with a group of Russian oligarchs in TNK-BP is a moment to tot up the costs and benefits. Financially, it came out on top, but it certainly suffered along the way.

I’ve kept an interested eye on TNK-BP since writing about the energy venture in 2003, when it was formed. I judged then that it was worth it for BP to risk being stitched up by its new partners (the article is not online): 

It is somehow apt that the explanations for the sudden departure of Vikram Pandit from Citigroup this week were utterly baffling. “No strategic, regulatory or operating issue precipitated the resignation,” said Michael O’Neill, the bank’s chairman. “I had a very good conversation with Mike O’Neill,” insisted Mr Pandit.
Yeah, right.