Slavneft to remain separate company at least a year

Nov 18, 2003 01:00 AM

Slavneft will remain a separate company for at least another year. TNK-BP, the company set up by Russia's Tyumen Oil Company and Britain's BP earlier this year, had intended to absorb the approximately half of Slavneft that it controls. Sibneft, another oil company, owns the other half.
But "legal complications and unresolved issues with minority shareholders mean that Slavneft will remain a separate company for at least a year," Robert Dudley, TNK-BP's CEO, told.

BP and the Alfa Group and Access/Renova, or AAR, which own 97 % of TNK, signed their deal to create TNK-BP in February this year. They completed the merger on August 29.
At the time, the parties agreed to include a 50 % share in Slavneft in the new company, but said this would require additional approval from the antitrust authorities in the European Union, Russia and Belarus.

Source: Interfax
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