Talks break down over BP's Russian joint venture

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BP accused the partners - a group of Russian billionaires - of attempting to stage a boardroom coup at the 50-50-owned business.

Talks aimed at reaching some kind of agreement on the future of the business were abandoned after BP said it could not accept the Russians' "ultimatum", which included demands for more of their placemen on the board and a 60% cut in the number of non-Russian employees.

The Russians were demanding 50-50 representation on all company boards, but BP said they were trying to wrest control of the business.

BP has faced a tide of trouble over the company, which now provides a quarter of its global production. Tax probes, office raids and an employee arrest fuel suspicions of a plot to put state-owned Gazprom in charge.

Last week, Mikhail Fridman, Len Blavatnik and Viktor Vekselberg called for the sacking of BP's Robert Dudley, who runs the business. He spent more than five hours yesterday being questioned by police over allegations of company tax evasion.

Meanwhile, BP chairman Peter Sutherland today dismissed as "apocalyptic" Gazprom predictions oil prices will hit $250 a barrel. New York crude was up $1.66 a barrel to $132.97 while London Brent was up $1.48 at $132.50.