TNK-BP

The driving snow pounded against the windows of Tim Summers’s Mercedes town car as it fought its way through Moscow’s increasingly tangled traffic in December of 2008. Summers, the chief operating officer of TNK-BP, a joint venture between the global energy giant British Petroleum (BP) and a group of Russian investors, thought back on the events of the last several years. The venture, initially seen as a coup for BP in that company’s quest to expand its access to proven reserves, was now becoming a source of uncertainty. The Russian government had forced several other energy companies into bankruptcy and nationalized their assets and had been acting increasingly aggressive toward TNK-BP. More recently, the venture’s own Russian partners had demanded significant concessions, including the dismissal of BP-appointed CEO Robert Dudley. As the car pulled into the vast underground parking complex below TNK-BP’s headquarters, Summers knew that 2009 was likely to bring many changes.