November 9th, 2011

New evidence in N.Y. lawsuit reveals BP knew of TNK wrongdoing

While BP is battling TNK in a London court over the failed Rosneft deal, the companies find themselves co-defendants in New York case in which they are accused of stealing $1 billion in assets from the Calgary-based oil company Norex.

Ironically, newly discovered documents in the Norex case show that BP forged its alliance with TNK despite viewing it as “a ruthless and dishonest company that would stop at nothing to seize control of lucrative energy assets,” write Katie Benner and Alex Konrad in Fortune.

For more on the Norex lawsuit and how it demonstrates heightened investment risk in Russia, be sure to read this in-depth report from The Guardian, as well.

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