TNK VENTURE POSITIONS BP FOR GLOBAL STRENGTH
14 May 2004
The TNK-BP joint venture is the type of transaction BP must pursue in the future if the company wants to maintain its strength in the industry. That was one message BP Director Peter Sutherland delivered to the company's recent 95th annual meeting. Sutherland described 2003 as "a turbulent year "for BP, but the company "emerged as a truly global enterprise," in part due to the venture in Russia. "It was a year in which we consolidated our portfolio of assets. These assets, in which we are making a substantial investment, allow the company to look forward with some confidence," Sutherland told attendees. BP CEO John Browne told investors 2003 was a good year, despite the challenges presented by a weak global economy, the war in Iraq, the security implications of terrorism and increasingly complex regulations, particularly coming from the U.S. "BP rose convincingly to all these challenges and achieved one of the strongest performances in our history," Browne said. Outlining the year 's highlights, Browne cited the TNK deal, which gave BP 50% of the third largest oil producer in Russia -a country that is "the world 's most significant producer of hydrocarbons, both today and for tomorrow." Source Hart's Global Refining and Fuels Report
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