TNK-BP Sells Udmurtneft Stake to Sinopec
TNK-BP has reached agreement with Sinopec for the sale of its Udmurtneft assets and that the parties had exchanged written confirmation of commercial terms.
This completes a tender process which was launched at the end of 2005.
It is expected that settlement will occur in the near future following final agreement and signature of a fully termed Sale and Purchase Agreement. Russian anti—monopoly approval has already been obtained for the transaction.
The assets are being sold as a going concern.
Commenting on the agreement, Robert Dudley, TNK-BP President and CEO, said: "This is a positive development – it brings another major international investor working with strong Russian alliances into the country's oil and gas sector. It reinforces Russia's pivotal role in global energy markets. And I believe it will provide the stimulus for increased investment in the industry in Udmurtia. For TNK-BP it will allow us to concentrate more resources on our core exploration and production regions in Russia."
- Report: Quarter Of Oil Refineries Risk Closure Under Climate Goals (Nov 02)
- Sources: China's Sinopec Mulls US Oil Projects Ahead Of Trump's Visit (Oct 31)
- Sinopec's Oil Refining Overcomes Continued Upstream Losses (Oct 30)
Company: TNK-BP more info
- Rosneft Board Member Rejects Criticism of TNK-BP Buyout (Oct 04)
- Rosneft: TNK-BP Integration 'Mostly Complete' (Jun 20)
- TNK-BP Acquisition Boosts Rosneft's 1Q Production (Apr 30)