Business Brief -- BP PLC: TNK International Merger Approved by Russian Agency
28 Aug 2003

The Wall Street Journal The Russian Antimonopoly Ministry approved the merger of United Kingdom energy group BP PLC's Russian assets with TNK International Ltd. of Russia. BP will pay $6.15 billion for a 50% stake in TNK, which will include a BP-TNK joint venture, oil company Sidanco. The deal was announced in February and is one of the largest by a Western company in post-communist Russia."On Aug. 25, the ministry approved a number of deals that will establish a new oil and gas company called TNK-BP Ltd.," the ministry said. BP and its Russian partners agreed to combine their interests in Russia.

TNK-BP

TNK-BP is a major, vertically integrated Russian oil and gas company. In 2007, average daily oil production totaled 1.6 million barrels per day (excluding a 50% interest of Slavneft). TNK-BP operates five refineries (four in Russia and one in Ukraine) and nearly 1,600 branded retail outlets across both countries.

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