Gerhard Schroeder hired as an independent director of TNK-BP

Former German chancellor Gerhard Schroeder, an old ally of the Russian government and Gazprom, has got a new job in Russia as one of the three independent directors at Russian-British oil venture TNK-BP with a salary of $200,000.

The parties concerned said the appointment was not linked to Gazprom's interest in the company or to government pressure, and is solely down to Schroeder's personal influence.

Appointing independent directors was one of the conditions of the settlement to the high-profile conflict between TNK-BP's shareholders and the AAR consortium. The partners have had a parity board until recently which prevented shareholders from making any important decisions.

The other independent directors will be future Rio Tinto mining company Chairman James Leng and Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs.

The former German chancellor has been heading the shareholders committee of Nord Stream (51% Gazprom, 20% each Wintershall Holding AG and E.ON Ruhrgas AG, and 9% N.V. Nederlandse Gasunie), the operator of the planned gas pipeline to link Russia and Europe under the Baltic Sea, since 2006. His job there is to promote political support for Nord Stream from the EU, where many countries are openly opposed to the project.

"I think BP could not clearly see who exactly was attacking it last summer, and therefore sought support from the Russian government," said Konstantin Simonov, head of Russia's National Energy Security Fund.

"The company has now found it badly needs a mediator, and Schroeder is the ideal solution," he said adding that, apart from his solid political and business reputation, "he has proved he is a loyal ally of the Russian government."

Sergei Vorobyov, managing partner of the Ward Howell consultancy, said that along with being "a friend of Russia," Schroeder was probably chosen also because he is not British.

A source close to the TNK-BP board confirmed that it was a significant reason, however denied that Schroeder was recommended by the Russian government.

Source: RIA Novosti - January 16, 2009