RSS feedsBP and its Russian partners have settled their differences in a deal which will transform TNK-BP into an independent oil major with international operations and bigger downstream interests.
A spokesman for BP told The Times TNK-BP could become a competitor to its British partner. ‘We don’t have a problem in competing with TNK-BP in key areas. We don’t have a problem with [creating] an international oil company,’ he said.
An independent Russian-speaking chief executive will be appointed in December who can appoint his own executives to a slimmed-down management committee.
The TNK-BP board has been expanded to include three new independent directors and four representatives each from BP and AAR. The agreement includes proposals to float up to a fifth of the subsidiary on stock markets in London and Russia.
Further reading:
