BP and the oligarch shareholders have reached agreement over a new corporate structure for the company, which will see Robert Dudley, the BP-appointed chief executive, replaced with a Russian-speaking executive by the end of the year.
The terms, which are due to be finalised in the coming months, also maintain BP's 50 per cent shareholding and include the appointment of three new independent directors.
The oil giant's partners include oligarch Mikhail Fridman, who own their shares through the AAR investment consortium.
The two sides have been locked in a bitter dispute over the firm for several months, during which Mr Dudley has been banned from working in Russia for two years and BP has pulled staff out en-masse.
There have also been angry accusations from BP chairman Peter Sutherland about AAR trying to wrest control of the venture. BP's shares rose three per cent on the news.
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