Huck steps down as head of BP’s Russian arm

JEREMY Huck has quit as president of BP’s Russian business, the energy giant announced yesterday, following the group’s abortive attempt to launch an Arctic joint venture with state-controlled Rosneft.

The company said Huck will be replaced by BP Russia’s chief financial officer, Richard Sloan, in a “planned rotation” after three-and-a-half years.

BP’s partnership with Rosneft, signed in early 2011, collapsed amid litigation with the AAR consortium of oligarchs who are co-owners of its existing Russian venture, TNK-BP. The oligarchs claimed the venture broke the TNK-BP shareholders’ agreement and the joint venture sustained damages by being cut out of the Rosneft partnership.