BP Expects to Get Two Seats on Rosneft Board

MOSCOW - BP PLC (BP) expects to receive two seats on Rosneft's board after increasing its stake in the Russian state-controlled oil giant to nearly 20%, a spokesman said.

BP is increasing its stake from below 2% to 19.8% as part of a deal that will also see Rosneft buy competitor TNK-BP from BP and its partners. Russia's government has nominated BP Chief Executive Bob Dudley for Rosneft's board of directors. He will vote on major company issues according to government directives if the nomination is confirmed by shareholders later in the year, a government spokeswoman said Monday.

BP spokesman Toby Odone said BP expected to receive two of the nine seats on Rosneft's board some time after the deal closes in the first half of this year, depending on Rosneft's processes and board appointment cycle. BP's current stake of less than 2% means it couldn't nominate board members by the deadline of March 1.

"We expect to receive two seats on the Rosneft board, in line with our shareholding," Mr. Odone said.
 

 

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

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