TNK-BP Holding Announces Results of an Extraordinary Shareholders Meeting
11 Dec 2009
TNK-BP announced that its Russian holding company, TNK-BP Holding (TBH), held an extraordinary general meeting of TBH shareholders on 10 December.
The TBH shareholders approved an interim dividend of RUR 7.41 per share based on the results of nine months of 2009. The net income for that period amounted to RUR 179 bln as reported in the statutory accounts prepared under Russian Accounting Standards (RAS). Financial performance reflected operational efficiencies, successful cost controls, advanced development of major upstream projects and a strengthening oil price environment during the period as well as income from the sale of oil field service units.
Dividends received by the majority shareholder of TNK-BP Holding are a money transfer within the TNK-BP group of companies and are primarily used to settle inter-company indebtedness and for corporate purposes. The minority shareholders receive dividends as cash payments within six months after declaration.
TNK-BP’s Chief Financial Officer Jonathan Muir said: “This was a strong performance despite nine months 2009 prices being weaker than in 2008 and contraction in demand caused by economic slowdown. The company’s robust operational results were also boosted by proceeds from our inorganic activity.”
Operational performance of TBH remains on track for the year with oil and gas production of 1,676 mboed for the first nine months of 2009.
Notes to Editors:
TNK-BP Holding (TBH) is a Russian registered and domiciled open joint stock company incorporated in November 2004. TNK-BP Holding holds the majority of TNK-BP’s assets and operations in Russia, having subsumed the Russian assets of TNK, ONAKO and Sidanco in the process and as a result of TNK-BP’s corporate restructuring programme. It does not include TNK-BP’s interests in Ukraine, or the joint venture interests of the TNK-BP group in Russia, other than the Verkhnechonksoye oil field in East Siberia.
Minority shareholders own approximately 5% of the shareholding in TNK-BP Holding and their shares have an indicative quotation on the Russian Trading System (RTS) Board.
|
