Rosneft completes buyout of 100% stake in TNK-BP

Rosneft completes buyout of 100% stake in TNK-BP

Rosneft completed the takeover of 100% stock in TNK-BP today at 15:53 Moscow time.
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 as a result of the synergetic effect,” he said.
Mr. 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 tons of oil in 2013, with natural gas output to reach 47 billion cubic meters and the refinery rate to hit 97 million tons. The company will manage 2,500 refueling stations inside the country. The total earnings will expectedly reach 4.9 trillion rubles..
“We will try to increase the capitalization in the interests of our shareholders,” Sechin concluded.
Source: Rosneft
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