TNK-BP to become independent oil major

BP 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

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:

The Times story

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