British-American company British Petroleum (BP), Access/Renova (AAP) and "Alpha - Group" have declared February 11 their intention to create a new petroleum super-company, which will take the third place among Russian petroleum companies in oil recovery and volume of stocks.
The name for the new holding is not determined yet. The volume of its proved petroleum stocks (according to the international audit of petroleum stocks 2002) reaches 9,488 billion barrels. The daily volume of oil recovery will add up to 1,21 million barrels. The holding will also possess 5 oil refining factories with established capacity of 1 million barrels a day and a network of 2100 gasoline stations on the territory of Russia and Ukraine. Its overall assets are estimated in $18 billion.
50 % of shares of the new holding will belong to British Petroleum, Access/Renova (AAP) and "Alpha - Group". "Alpha - Group" and Access/Renova will contribute to the holding 97 % of TNK?s shares, 93 % of "ONAKO" shares, control share holding of "SIDANKO", 29 % of " RUSIA Petroleum " shares, and also 44 % of "Rospan" gas enterprise shares in Western Siberia and a share in the projects "Sakhalin - 4" and "Sakhalin - 5". In turn, BP will transfer to the incorporated company 25 % of "SIDANKO" shares, 33 % of " RUSIA Petroleum " shares, a share in the project "Sakhalin - 5", and also in the Moscow network of gas filling stations.
Share holdings of AAR in Open Society " Slavneft " and share of BP in companies " LukArko", and also Russian assets of BP in oil trading area, supply of sea and airtransportations and production of lubricants will not be a part of the deal.
BP will offer as payment of its 50% share in the new company, in addition to transmitted assets, money resources of $3 billion and its own shares for the total sum of $3,75 billion. Shares of BP will be transferred to the owners of TNK International in three equal parts of $1,25 billion each. The deal should be completed by summer. Share of BP in extraction of the new holding will add up to more than 500 000 barrels a day.
The new company will have exclusive rights for realization of all projects of AAP and BP on the territory of Russia and Ukraine. The new holding also considers opportunities of expansion of its activity on the territory of CIS and East Europe.
The board of directors of the company will consist of 10 members: five from each - AAP and BP, which will reflect the structure of shareholders. AAP will have the right to offer a nominee for the chairman of board of directors of the company, and BP - the chairman of the board (CEO.) Top-management of the company will be determined by partners together and affirmed by the board of directors unanimously (including the chairman of the board).
Investment of BP in this project 1,5 times exceeds the sum of the direct foreign investments, which have been carried out in the Russian economy for the whole last year. It testifies the serious changes, which are taking place now concerning foreign investments in Russia. The agreement on creation of the new petroleum holding in Russia can become for other Russian manufacturers stimulus to making active efforts to achieve new agreements in gaining foreign investments.
Author: Tatyana Zaharova
