Establishing TNK-BP Ukraine
27 Feb 2004
Due to TNK-BP strong business growth in Ukraine, the top management of this international holding resolved to establish a company that would become the center of TNK-BP's corporate governance in Ukraine and would coordinate business operations in its territory. This fact testifies to heightened attention to the Ukrainian project on the part of TNK-BP stockholders, to the holding's interest in this market, and to the long-term and solid nature of the Russian and British partners' intentions. The holding's top management considers establishment of TNK-BP Ukraine a completion phase of TNK's and BP integration commenced in 2003. The new company, TNK-BP Ukraine, is to start operations in March and to be responsible for development of the single strategy and standards for all enterprises of the group, for control over their implementation, and for monitoring of its assets' use in Ukraine. TNK-BP would also undertake to shape marketing, innovation, investment, and personnel policy, to ensure business safety for TNK-BP Group of Companies in Ukraine, to represent the holding's interests before government authorities, and to interact with key business partners and mass media. TD TNK-Ukraine LLC will continue pursuing operations involving oil purchase, refining, and sales of ready products. The trading house will be in charge of implementing strategic tasks developed by TNK-BP Ukraine in the field of raw materials processing and petroleum products sales.
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