Rosneft: TNK-BP Integration 'Mostly Complete'
by Dow Jones Newswires
|
Olga Razumovskaya|
Thursday, June 20, 2013
MOSCOW - The work to integrate the assets of TNK-BP into Russian oil major OAO Rosneft is mostly complete, Russian news agencies reported the company's chief executive Igor Sechin as saying Thursday.
Mr. Sechin estimated that cost savings from the merger would amount to $12 billion.
State-controlled oil giant Rosneft acquired a 95% stake in TNK-BP, Russia's third-largest oil company, on March 21 from BP PLC and its partners, a group of Soviet-born tycoons.
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