BP'S ROBERT DUDLEY APPOINTED CEO OF RUSSIAN OIL VENTURE TNK
12 Mar 2003

BLOOMBERG BP Plc and its Russian partners appointed BP Vice President Robert Dudley as chief executive officer for a venture called TNK-BP that will be Russia's No. 3 oil producer. BP last month agreed to invest $6.75 billion in the venture with the owners of Tyumen Oil Co., which will pump 1.2 million barrels a day. Alfa Group and Access Industries-Renova own Tyumen. The partners formed an advisory board that will to serve as TNK- BP's board of directors once the venture is formally set up later this year, BP, Alfa and Access-Renova said in a statement e-mailed to news services. Alfa chairman Mikhail Fridman was chosen to head the board. The 10-member board includes five BP executives, two Alfa executives and two officials from Access-Renova. The Russian partners have yet to appoint the last member of the board, the venture said. BP's Rodney Chase will serve as deputy board chairman. Tyumen's executive director German Khan will become executive director of TNK- BP, reporting to Dudley, the venture said. Lawrence Smyth, currently president of OAO Sidanco, which is controlled by Tyumen's owners and operated by BP, will become TNK- BP's chief operating officer.

CTF Holdings Ltd.

Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.

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