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Oil major BP finalizes deal with TNK-BP partners

BP Plc said it reached a final settlement with its joint-venture partners in Russia's third-largest oil company TNK-BP, giving the Russian side even more influence than the preliminary deal envisaged.

BP spokesman Toby Odone said on Friday that the agreement largely followed the preliminary deal outlined in September but it also confirms the management roles of two of BP's oligarch partners, at least one of which BP had expected to step down.

However, the British oil major denied the deal made significant new concessions.

“If you look at the management board, it's pretty balanced,” Odone said. (Reuters)