Press releases in 2010

To improve the system of relationships with contractors and make the activities of the company more transparent, the management of TNK-BP decided to create a Council for interaction with suppliers and contractors. TNK-BP is one of the major players on the Russian market of goods and services with an annual contracting budget of approximately 180 billion rubles. The council will be established at the convention of contractors of the company, which will be held in late September 2010.

The Annual General Shareholders Meeting of OJSC TNK-BP Holding today approved the Annual Report and annual financial statements for 2009. The shareholders elected a new Board of Directors of OJSC TNK-BP Holding. The Board consists of nine persons, including four representatives of each of TNK-BP Ltd. majority shareholder groups, as well as an independent director. This is consistent with the corporate governance system that was endorsed by Alfa, Access/Renova consortium and BP in early 2009.

TNK-BP announced that the General Director of OJSC RUSIA Petroleum, of which TNK-BP is the major shareholder, presented a petition to the Arbitration Court of Irkutsk region to initiate bankruptcy proceedings of RUSIA Petroleum. These actions followed the submittal by TNK-BP, on May 14 2010, of an early repayment notice for a part of the loans issued to RUSIA Petroleum to finance development of the Kovykta gas condensate field.

The Board of Directors of TNK-BP Ltd. has approved the appointment of Maxim Barsky as Deputy Chief Executive Officer of the TNK-BP Group (Deputy Chairman of the Management Board of OAO TNK-BP Management).  

A regular scheduled meeting of the Board of Directors of TNK-BP Ltd. took place on May 28, 2010. The agenda included a review of current performance indicators, an update on the status of major projects, and a discussion of the ten year plan. 

TNK-BP announces completion of a deal to acquire 100% of “Vik Oil” group of companies in Ukraine. “Vik Oil” owns 118 fuel stations in thirteen Ukrainian regions, as well as 8 oil depots, 49 petrol tankers and 122 land plots in various stages of development.

Today the Board of Directors of JSC TNK-BP Holding (TNBPI.RTS) made the decisions to convene the annual general shareholder meeting of JSC TNK-BP Holding on 30 June 2010 and to determine 14 May 2010 as the record date for the shareholders entitled to take part in the annual general shareholder meeting.

TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq. The two companies will consider joint acquisition of fields with commercial reserves within Iraqi provinces. TNK-BP has been qualified by the Ministry of Oil of Iraq to develop oil and gas projects.

TNK-BP today released the results of the independent audit of its reserves as at the end of 2009. This represents the seventh annual external audit of the company’s reserves since its creation in August 2003.

TNK-BP today announced the results of a meeting of the Board of Directors of TNK-BP Limited, the ultimate holding company of the TNK-BP group of companies which took place February 12th. The meeting was chaired by Mikhail Fridman, Executive Chairman of the Board of Directors of TNK-BP.  

TNK-BP today announced that Stan Miroshnik has been appointed Executive Vice President Strategy and Business Development of the TNK-BP group of companies. 

Not for release, publication or distribution in Australia, Canada, France, the Hong Kong Special Administrative Region of the People’s Republic of China, Japan, South Africa, Spain or the United States of America.

On 2 February 2010, TNK-BP completed an issuance of Eurobonds in the aggregate amount of U.S.$1 billion. The 5-year U.S.$500 million tranche was priced with a coupon of 6.250% and the 10-year U.S.$500 million tranche was priced with a coupon of 7.250%.

TNK-BP expects to report its annual US GAAP audited financial statements for 2009 on 1 March 2010.

Any data reported meantime by BP in its published financial results is reflective of BP estimates, and is accounted for under IFRS rather than US GAAP accounting standards. As such TNK-BP data reported by BP does not represent a simple 50% of TNK-BP’s expected results.