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The Russian Antimonopoly Ministry has approved a deal to merge the assets of Tyumen Oil Company (TNK) and British Petroleum (BP), the Antimonopoly Ministry’s press service reported. According to Antomonopoly Minister Ilya Yuzhanov, the Ministry has satisfied several requests regarding deals aimed at creating the new oil and gas holding company TNK-BP Ltd. through uniting TNK’s and BP’s oil and gas assets in Russia.
In February 2003, Alfa Group-Access/Renova (AAR) and British Petroleum announced the creation of a new oil company and the intention to merge their oil assets in Russia and Ukraine. The deal is estimated at $6.15bn. Two months ago, on June 26, AAR and BP signed a principal agreement on the merger. In late July, the deal was approved by the European Commission and Ukraine’s Antimonopoly Committee.
According to analysts, the united TNK-BP company, with proven oil reserves of more than 5bn barrels and expected output of over 1m barrels a day, will become the third largest oil producer in Russia and the eighth largest producer of oil in the world. The company’s market capitalization is estimated at $16bn.
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RUSSIA IN FACTS
