Interfax reported that shareholders in TNK-BP failed to reach decisions regarding the oil company's 2010 business plan and the appointment of a company chief at their meeting on Friday and the discussions will continue.

They hope to approve the business plan in December.

Mr Jonathan Muir CFO of TNK-BP said the company may have capital expenditures totaling USD 3.5 billion to USD 4 billion in 2010. The company business plan for 2010 assumes oil at USD 60 per barrel and an exchange rate of RUB 33 per USD 1. Capital expenditure in 2009 will total about USD 3 billion.

A source said the shareholders also aim to resolve the issue of company chief by the end of the year. The selection process is ongoing and the board might approve the candidate in absentia.

Mr Robert Dudley TNK-BP previous CEO, resigned on December 1st 2008 following a conflict between BP and AAR, the company's co owners. Some time later, the co owners reached a compromise, one of the conditions of which was that the company next CEO would be a Russia speaking manager independent from both groups of shareholders.

A source said that the shareholders discussed the company's five-year strategy for the first time on November 13th. The strategy is being drafted internally, without consultants.

AAR and BP declined to comment on the meeting in detail.

A TNK-BP representative confirmed that the shareholders had met and that the meeting focused on the strategy and long-term business plan.

(Sourced from Interfax)