“BP is not satisfied with the recommendations from TNK-BP’s management on its participation in the deal. BP thinks that new proposals should be submitted,” said the source on Friday.

Earlier on Friday, the board of TNK-BP, Russia’s third-largest oil company, failed to convene a meeting to review the partnership between BP and Rosneft as BP’s members did not attend.

The British oil major said it asked for a planned meeting of the board to be delayed for a week, citing “a number of complicated issues”.

“We can confirm we asked for a postponement of the board meeting for a week because there were a number of complicated issues and we needed to give careful consideration to those,” a BP spokesman said.

TNK-BP said the board is now scheduled to meet again in Berlin on March 4.

“The agenda will be the same,” TNK-BP said in a statement, adding that the board was supposed to discuss TNK-BP’s management recommendations on participating in the BP-Rosneft partnership.

TNK-BP, Russia’s No 3 oil company, had said earlier in the month it was interested in joining an Arctic exploration partnership between BP and Rosneft.

The BP-Rosneft deal, which also involves a $16 billion share swap, has drawn opposition from the group of Russia-connected tycoons who own half of TNK-BP. They have claimed that BP violated a shareholder agreement by partnering with Rosneft.

The Russian shareholders have won an injunction to put the deal on hold at least until March 7.

Arbitration to resolve the dispute is due to begin that week in Stockholm.