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Rosneft, BP CEOs to Sit on Committee Steering Rosneft, TNK-BP Integration

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BP PLC (BP) Chief Executive Bob Dudley will sit on the steering committee coordinating the integration of Russian oil company TNK-BP Holding (TNBP.RS) and state-controlled oil giant OAO Rosneft (ROSN.RS), the companies said in a statement Thursday.

Rosneft is acquiring TNK-BP, Russia's number three oil producer, from BP and its partners in deals worth $55 billion that will create the world's largest listed crude producer. BP will hold a 19.8% stake in Rosneft as part of its deal to sell out of TNK-BP.

Messrs. Sechin and Dudley met Wednesday to discuss the integration of Rosneft and TNK-BP, the companies said in a statement.

"I am glad to see the progress in our cooperation and am confident that the experience of Bob Dudley and of the BP team will raise the efficiency of the integration process and will ensure the combined company becomes one of the most competitive international majors," Mr. Sechin said in the statement.

Copyright (c) 2012 Dow Jones & Company, Inc.


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