Press releases in August 2009 | |||
TNK-BP Announces Planned Management Team Rotation
TNK-BP announced today a rotation in its management team. William (“Bill”) Schrader will take the position of chief operating officer (COO) of the TNK-BP group of companies during the fourth quarter of this year, following a planned handover from the company’s current COO, Tim Summers.
Since 2006, Bill Schrader has been president of BP Azerbaijan, based in Baku. His previous roles include leadership of BP’s businesses in Angola, and Indonesia, and senior management roles in the US and the UK. He has extensive experience in the upstream, downstream and petrochemicals businesses. He is a US citizen and holds a B.Sc. in Chemical Engineering from the University of Cincinnati and a Masters in Business Administration from the University of Houston.
“We welcome Bill to TNK-BP’s top management team. His strong understanding of the region and his extensive international operating and leadership experience will add valuable new capabilities to our company and benefit Russia’s oil sector as a whole,” said Mikhail Fridman, interim CEO of TNK-BP.
He added, “In almost four years as COO, Tim Summers has done an outstanding job building production, increasing reserves, overseeing major new upstream projects, and creating a stronger refining and marketing business while also increasing productivity across the value chain. I would like to thank Tim for his important contribution to TNK-BP and wish him well in his future endeavours.”
Notes to editors:
TNK-BP is Russia’s third largest oil company, 50% owned by BP and 50% owned by AAR (Alfa, Access Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia’s production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.112 billion boe as of December 31, 2008. The company’s upstream operations are located in West and East Siberia and the Volga-Urals region. TNK-BP owns and operates five refineries in Russia and Ukraine, and retails through a network of 1,400 service stations working under the BP and TNK brands.
For further information please contact:
Marina Dracheva: TNK-BP International Media — telephone
Nikolai Gorelov: TNK-BP Russian Media — telephone