Simon Kukes Elected To Yukos Board, Resigns As TNK CEO
18 Jun 2003
DOW JONES
Russia's fourth-largest oil producer Tyumen Oil Co. said Wednesday that its chief executive, Simon Kukes, has resigned after being elected to the board of another oil major, Yukos. Kukes will be put forward as board chairman, said a source in Tyumen Oil. Both TNK and Yukos have been part of a rapid restructuring in Russia's oil sector. In February, BP said it would pay $6.75 billion to acquire half of TNK-BP, a new company comprising BP's Russian oil and gas assets and those of TNK's shareholders. TNK shareholders, industrial holdings Alfa Group and Access Industries, brought Kukes in during the 1990s shortly after TNK's privatization to bring the company up to international standards. "We completed a historic period of shaping up the company as an efficient and transparent structure," Kukes said in a press release. "This evolution has logically ended in a creation of the TNK-BP oil company." In April, Yukos said it had agreed to take over smaller rival Sibneft to create the world's fourth-largest hydrocarbons producer in terms of reserves.
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