BP, Russian investors in TNK, Sidanco create new Russian company

02/17/2003
BP PLC plans to invest $6.75 billion in a partnership with two other companies to create the third biggest oil and natural gas company in Russia.BP will have a 50% stake, while Russian partners Alfa Group and Access-Renova (AAR) will share a 50% stake. The deal, subject to regulatory approval in Russia and the European Union, represents one of the largest investments by a Western company in post-communist Russia.The new company will incorporate Tyumen Oil Co. (TNK) and Sidanco Oil Co., which together produce 1.2 million b/d of oil. It also will own significant exploration interests in Siberia and Sakhalin, together with a major downstream business including interest in five refineries and...
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