Tyumen Appoints Two More Foreigners To Board

The Tyumen Oil Company, Russia's third largest oil producer, said it named two more foreign businessmen to its advisory board, doubling the number of people serving on the body that supervises corporate governance and strategy.

The new members are James Harmon, former chairman of US Export-Import Bank, and Adrian Lajous, former director general of Petroleos Mexicanos, Mexico's state owned oil company, said TNK International, which owns ninety seven percent of Tyumen, in a statement sent to news wires.

“We all look forward to helping TNK develop its full potential in the context of an increasingly exciting Russian oil industry, which grows in international importance,” said Sir Peter Walters, appointed last month as advisory board chairman, in the statement.

Publicly traded Russian oil producers Lukoil, the Yukos Oil Company and Sibneft have invited prominent businessmen to join their boards this year, saying they want to improve their share price by giving minority investors more say. Tyumen last month said its parent companies plan to choose an adviser for a possible initial public offering or sale of shares to a strategic partner.

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