Companies Brief - BP PLC: EU Panel Clears Joint Venture With Russia's Alfa and ACCESS
28 Jul 2003

Dow Jones Newswires The European Commission Friday approved a $6.15 billion (5.34 billion euro) joint venture between oil giant BP PLC and Russian companies Alfa Group and Access-Renova. BP, which is paying $2.4 billion in cash and will later pay $3.75 billion in stock, will have a 50% stake in the oil-producing venture TNK-BP. The company will be the third-largest oil company in Russia after OAO Lukoil and OAO Yukos. As a result of the transaction, BP increases its oil and gas production by 13% and its oil reserves by 30%. In 2001, Alfa and Access-Renova, which controlled OAO TNK, agreed to combine their stakes under holding company TNK International. The deal is subject to approval from Russian and Ukrainian competition authorities.

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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