TNK-BP in the news in June 2003 | |||
BP signs $14bn TNK deal
Lord John Browne, the head of BP, yesterday signed a "definitive" agreement for the creation of a $14bn joint venture in Ukraine and Russia with TNK, the oil group. The contract, approved in the presence of Tony Blair, the British prime minister, and Russia's President Vladimir Putin, will trigger a cash payment of $2.4bn by BP to Alfa and Access/Renova, TNK's shareholders, once regulatory approval has been achieved from Russia, Ukraine and the European Commission. The payment is $600m less than originally announced in February, largely reflecting additional debt assumed by TNK to participate in the privatisation for Slavneft, the Russian group, in December. Lord Browne said BP planned that Slavneft would ultimately form part of the combined TNK-BP group, in a move that company executives indicated could again increase the final cash payment made by BP. US Edition 2.
Source: FINANCIAL TIMES