April 2005 TNK-BP May Not Be Allowed to Bid for New Oil Fields
A senior official in the Natural Resources Ministry said that that an auction for three major fields was canceled in March in order to exclude TNK-BP. Later in the month, Vladimir Putin told John Browne, BP CEO, "We were not mistaken when we supported your decision two years ago. The profits of the joint company have increased 20 times over. This is proof of the quality of management.