BP, AAR to include Slavneft in newly formed TNK-BP

09/08/2003
BP PLC, the Alfa Group, and Access-Renova (AAR) completed the deal to combine their Russian and Ukrainian oil and gas businesses, which will serve as the final step in the formation of TNK-BP, a new company owned and managed 50:50 by BP and AAR.Terms called for BP to pay AAR $2.6 billion in cash for its stake in the new company, together with three payments of $1.25 billion/year in BP shares payable on the anniversaries of the Aug. 29 closing.In addition, BP and AAR agreed to incorporate AAR's 50% interest in OAO Slavneft into TNK-BP in return for a cash payment of $1.35 billion from BP, the companies said.In other upstream moves:Husky Energy Inc., Calgary, agreed to acquire Marathon ...
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