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Epic BP.
Time: 16:35:07
Mid Price: 479.25
Change Today: -1.70 Descending
Change % Today: -0.35 Descending
Fifty Two Week High: 572.00
Fifty Two Week Low: 376.25
Market Capital: 89811.37
Period & price data
Period Price
Now: 479.25
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE
Sector: Energy
Epic: BP.
News: Latest news
Web Site: British Petroleum
Other Articles: 25-06-200927-05-200906-03-2009

Crude Oil

British Petroleum

BP is one of the world's largest oil and gas companies with operations in more than 100 countries across six continents. The company's main businesses are exploration and production of oil and gas; refining, manufacturing and marketing of oil products and petrochemicals; transportation and marketing of natural gas; and BP Alternative Energy, a growing business in renewable and low-carbon power and next generation energy technologies.
Friday, January 09, 2009

BP and Russia’s Alfa Access-Renova finalise deal on TNK-BP venture

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BP said that the deal agreed in principle last September to revise the shareholder agreement with Alfa Access-Renova, its Russian partners, in TNK-BP has now been finalised, paving the way for the next phase in the development of Russia's third largest oil and gas company.  


Changes to the deal include governance adjustments such as replacing the current main board structure with four representatives each from BP and AAR plus three independent directors agreed by both sides.
Unanimous board support will be required for certain matters, including substantial acquisitions, divestments and contracts, and projects outside the business plan, together with approval of key changes to the TNK-BP group's financial framework and of related party transactions.


BP will continue to nominate the chief executive, subject to main board approval, and AAR will continue to appoint the chairman. The new board members are expected to be announced shortly.


Following Robert Dudley's recent resignation, a new CEO is also expected to be announced in the coming weeks. The new CEO, who is required to have substantial Russian work experience and Russian language proficiency, will head a new management board initially comprising the CEO, the chief operating officer, the chief financial officer and three executive directors - a significantly smaller management team than in the past.


The parties also agreed to revise the charters of significant TNK-BP group subsidiaries so that they will have BP- and AAR-appointed directors on their boards and, in some cases, will also have an independent director to avoid deadlock on certain matters.


Underpinning the new agreement and demonstrating the commitment to build on the success of TNK-BP, the shareholders have also resolved, or have agreed a process for resolving, all outstanding claims between them, including those relating to Russian back taxes. The suit filed in Russia by a minority shareholder in TNK-BP Holding, alleging that an agreement for BP specialists to provide services to the TNK-BP group is invalid, has been withdrawn.


The parties have reiterated their agreement to a potential future sale of up to 20 percent of a subsidiary of TNK-BP through an initial public offering (IPO) at an appropriate future point, subject to certain conditions and the consent of the Russian authorities.


TNK-BP posted record profits of US$4.7 billion in the first half of 2008 - more than double the $2.1 billion for the same period in 2007. Revenues rose to US$28.3 billion in the first half of 2008, compared with $17 billion in the first half of 2007. Oil production in the first half of 2008 averaged 1.6 million barrels a day.

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