BP's Russian partners in its TNK-BP
TNK-BP's Russia-connected shareholders decided to oppose the payment of a fourth-quarter dividend in the region of $1.78 billion when it is reviewed by the TNK-BP board. A meeting is scheduled for February 18.
But the newspaper said the Russian AAR consortium cannot block the full payout as the company is obliged to pay at least 40 percent of net income as a dividend.
TNK-BP is scheduled to report its fourth-quarter financials on March 1.
Russian shareholders are fighting against BP's decision to team up with Rosneft
They also question a share swap agreement between BP and Rosneft.
A long-term cut to the TNK-BP payout could limit BP's scope for raising its own dividend over time. It relies on the Russian joint venture for a quarter of its production, but high Russian taxes means it provides 10 percent of profits.
(Reporting by Vladimir Soldatkin; editing by Lincoln Feast)