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."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
474905 - Staff Proj Controls Specialist - B&M - MSP
Expertise: Project Management
Location: New Jersey, NJ
Project Manager - Multifamily Construction
Expertise: Construction Manager|Project Management
Location: Orlando, FL
Project Manager / Senior Engineer
Expertise: Civil Engineering|Project Management
Location: St. Louis, MO
search for more jobs

Brent Crude Oil : $51.6/BBL 0.69%
Light Crude Oil : $49.23/BBL 0.78%
Natural Gas : $3.07/MMBtu 0.96%
Updated in last 24 hours