TNK-BP Announce Strategic Alliances For Western Siberian Projects
02 Jun 2003

INTERFAX After the completion of its merger, TNK-BP plans to announce the setting up of a number of strategic alliances with large international companies, to implement projects in Western Siberia, TNK Vice President Iosif Bakaleinik said at the conference Consolidation and Integration in Moscow on Monday. He said that in about July-August this year the company plans to receive approval for the TNK merger with BP from the Russian and European antitrust authorities. Bakaleinik did not say with which companies exactly partnership agreements would be reached. However, he noted that at the moment talks are underway with two large international companies. He also noted that in July-August the company plans to activate talks with Rosneft on the development of fields in the Sakhalin-5 zone. Bakaleinik noted that the form of co-operation has not yet been agreed for this project. He said that the unified company takes into consideration the interests of minority shareholders in Orenburgneft. The vice president said that it is planned to exchange their shares for about 5% of one of the structures in TNK-BP (TNK International or TNK Industrial). A merger was announced in February between TNK and BP's Russian assets. It is expected that the merger will result in the setting up of a company that will be among the 10 largest oil companies in the world. TNK-BP reserves will amount to 9.5 billion barrels and production will reach 1.2 million barrels per day. The financial effect from the merger will amount to $5.5 billion.

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