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The deal was blocked by BP's subsidiary TNK-BP, a joint venture with a group of Russian billionaires, known as AAR (Alfa-Access-Renova), due to a dispute over Russian exploration rights between the two companies, and was nullified.
On 1 September 2003, BP and a group of Russian businessmen, represented by the AAR (Alfa-Access-Renova) announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine and creation of TNK-ВР.
The town has grown since then from a farming community into a business destination where companies such as Anglo American, BHP Billiton, Evraz, Eskom, Exxaro, Joy, Komatsu, the Renova Group, SAB Miller, SAMANCOR, Shanduka Beverages, Xstrata and Zenith Inc amongst many others have found substantial returns on their investments.
In 2003, the Renova Group, along with Access Industries (owned by Leonard Blavatnik) and the Alfa Group (owned by Mikhail Fridman, German Khan, and Alexei Kuzmichov) announced the creation of a strategic partnership to jointly hold their oil assets in Russia and Ukraine, forming the AAR consortium.