/world business
LONDON, England (AP) -- A British newspaper has reported that BP PLC blocked a $1.8 billion dividend payment from its Russian joint venture in an effort to pressure its billionaire partners.
The Sunday Telegraph said BP made the move at a TKN-BP board meeting in Cyprus earlier this month.
The oil company is at the center of an international tug-of-war between BP, which owns half the venture, and its wealthy Russian investors, which control the other half.
BP spokesman Toby Odone said he would not comment on the content of the board meeting but he "would not be surprised" if the Russian shareholders' consortium Alfa Access Renova had pushed for an immediate cash payment.
Odone said no second-half dividend had been paid, but the issue could come up again at the next board meeting, scheduled for October.
Copyright 2008 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
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