Arab Today, arab today rosneft completes buyout of 100 stake in tnkbp
Last Updated : GMT 22:47:57
Arab Today, arab today
Arab Today, arab today

Rosneft completes buyout of 100% stake in TNK-BP

Arab Today, arab today

Arab Today, arab today Rosneft completes buyout of 100% stake in TNK-BP

Moscow - Itar-Tass

Rosneft and BP have completed a number of transactions, in line with the terms announced in October 2012. Rosneft competed the takeover of the 100 percent of TNK-BP’s stock on Thursday, March 21. The transaction was carried out simultaneously in different corners of the globe, including the Caribbean Islands, Cyprus and Europe. Rosneft has taken the full control of TNK-BP. Reporting to President Putin on the completion of the deal, Rosneft’s President and Chairman of the Managing Board Igor Sechin expressed gratitude to the nation’s leader for his support of the company’s efforts in this difficult process. He also thanked partners, including BP and its head Bob Dudley as well as all consultants and advisors, who helped in having the deal done. “We will work hard, and we already have plans to achieve a synergy from the consolidation of assets. The company and its shareholders will be able to earn about 10 billion U.S. dollars as a result of the synergetic effect,” he said. Sechin explained that the synergy will be reached in production projects first of all. The company will optimize the development costs at the Sunzun, Tagul and Lodochnoye fields. Significant synergy will be achieved as a result of the management costs optimization. Rosneft is also going to raise the efficiency of its refineries. According to the Rosneft head, the total production by the united company will exceed 206 million tonnes of oil in 2013, with natural gas output to reach 47 billion cubic metres and the refinery rate to hit 97 million tonnes. The company will manage 2,500 refueling stations inside the country. The total earnings will expectedly reach 4.9 trillion roubles. “We will try to increase the capitalisation in the interests of our shareholders,” Sechin concluded. As a result of the transactions, BP receives net 12.48 billion US dollars in cash, including a TNK-BP dividend of 0.71 billion US dollars, and 18.5 percent Rosneft shares; Rosneft becomes holder of BP’s 50 percent interest in TNK-BP in exchange for 16.65 billion US dollars in cash and 12.84 percent of Rosneft shares; and OFSC ROSNEFTEGAZ sells 5.66 percent in Rosneft to BP in return for 4.87 billion US dollars in cash; BP said in a statement on Thursday, March 21. BP Group Chief Executive Robert Dudley joined the steering committee on TNK-BP integration chaired by Igor Sechin and has been nominated to the Rosneft Board of Directors. In October 2012 BP and Rosneft announced agreement in principle for the sale and purchase of BP’s 50 percent interest in TNK-BP for 17.12 billion US dollars in cash and 12.84 percent of Rosneft shares. Following adjustments in accordance with the terms of the agreement excluding a 0.71 billion US dollars dividend received by BP in December 2012 from TNK-BP, Rosneft paid BP a final amount of 16.65 billion U.S. dollars on Marach 21. BP has used 4.87 billion U.S. dollars of the cash consideration to acquire 5.66 percent of Rosneft shares from ROSNEFTEGAZ. This amount includes the adjustment from the offer date to completion according to the terms of the purchase agreement. As a result of these transactions BP has received 12.48 billion US dollars net in cash (including the 0.71 billion US dollars dividend received in December 2012) and, together with its existing 1.25 percent shareholding in the company, now holds a 19.75 percent stake in Rosneft, Russia’s largest oil company.

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