Vekselberg, a member of the TNK-BP Management board of directors, said the formal reasons for an emergency meeting were statements filed by Mikhail Fridman, chairman of the TNK-BP Ltd. board of directors, and Stan Polovets, executive secretary of the TNK-BP Ltd. board of directors, as well as complaints from minority shareholders, trade unions and a number of government agencies, citing numerous violations of labor, migration and tax laws, as well as corporate agreements and rules of procedure.

The ongoing row between four Russian billionaire shareholders in TNK-BP and

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the British oil major, each owning 50% in Russia's third largest oil producer, has been over strategy, with the Russian investors also demanding cuts in the number of foreign staff on secondment from BP.

The Russian shareholders have accused BP of limiting TNK-BP's expansion abroad and demanded Dudley's resignation. The British giant has rejected all the accusations and demands.

Some analysts have suggested the TNK-BP dispute is over ownership. The ban on selling stakes in the firm expired in 2008. State energy companies Gazprom and Rosneft have been reported to be seeking a stake in TNK-BP.

The Russian co-owners of the Russian-British oil venture said last Thursday the election of a new board of directors was illegal and they may challenge it in court.

The board was elected at Thursday's annual shareholder meeting.

The Alfa-Access-Renova (AAR) consortium representing the Russian shareholders said the four Russian board members had already stepped down and therefore their inclusion among the nine board members was illegal.

The Russian co-owners of TNK-BP have demanded the replacement of TNK-BP CEO Robert Dudley, who they accuse of putting BP's interests ahead of those of TNK-BP.

AAR, which includes businessmen Vekselberg, Fridman, German Khan and Len Blavatnik, said it would sue BP, which holds the other 50% of TNK-BP, for attempts to seize control of the joint venture. The consortium said it planned legal action in the international arbitration court in Stockholm, as well as in Russia.

A Russian labor regulator fined Dudley and the oil company 3,000 rubles ($125) and 40,000 rubles ($1,650), respectively, on Monday for labor code violations.

Set up in 2003, TNK-BP is Russia's third largest producer. It accounts for a quarter of BP's overall output.

TNK-BP Holding is a Russian registered and domiciled open joint stock company incorporated in November 2004. TNK-BP Holding holds the majority of TNK-BP's assets and operations in Russia. It does not include TNK-BP's interests in Ukraine, or the joint venture interests of the TNK-BP group in Russia, other than the Verkhnechonskoye joint venture.

Minority shareholders own approximately 5% of TNK-BP Holding and their shares are quoted on the RTS.

MOSCOW, July 2 (RIA Novosti)