TNK-BP

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TNK-BP Ltd. is a major Russian vertically integrated oil company that was founded on the British Virgin Islands in September 2003 as a result of the merger of the oil and gas assets of British Petroleum with assets of Access/Renova and Alfa Group. TNK-BP controlled 96 percent of the stock of TNK and 98 percent of stock in ONAKO and SIDANKO through British Virgin Island and Cypriot subsidiary companies. TNK, ONAKO and SIDANKO in turn held controlling packages in all the main affiliates of TNK-BP. Pursuant to the second stage of corporate restructuring in August 2006, all the assets of the company will be consolidated in TNK-BP Holding, which is registered in the village of Uvat in Tyumen Oblast in Russia.

The first stage of the restructuring was completed in September 2005, when minority shareholders' stock in 14 key subsidiaries of TNK-BP was traded for 2.5 percent of stock in TNK-BP Holding. About 70 percent of minority shareholders traded their stock. The rest remain shareholders in the subsidiaries. The second stage of restructuring was the exchange of TNK, ONAKO and SIDANKO stock.

The Ukrainian enterprises owned by TNK-BP; RUSIA Petroleum (developer of the Kovyktinskoe gas condensate deposit); Slavneft (half of which belongs to Gazprom Neft); and STBP Holdings (British Petroleum's filling station franchise in Moscow, and a blocking package in which belongs to Shalva Chigirinsky) were all not included in TNK-BP Holding. TNK-BP had announced that, after the second stage of restructuring, it would continue the consolidation of its production assets, although there are no concrete plans for that at the moment.

Today, TNK-BP is Russia's second largest oil company. The company employs close to 100,000 people and operates in nearly all of Russia's major hydrocarbon regions.

[edit] Corporate Website

• TNK-BP

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Kommersant article