TNK-BP to acquire 25-percent stake in Slavneft

TNK-BP is set to acquire a 25-percent stake in Slavneft and some of its assets for $1.35bn, BP press service reported to RBC. The deal is to be completed by the end of 2003 and should be approved by the Russian Anti-Monopoly Ministry.

TNK-BP is Russia's third largest oil and gas company and the world's tenth largest private oil company. The company produces over 1.2m barrels of oil a day, which makes it 60m tons of oil a year.

TNK-BP is a result of the seven-month intense integration of TNK, SIDANKO and Russian assets of BP. Alfa Group-Access/Renova (AAP) and BP signed a bargain-and-sale contract during Russian President Vladimir Putin's state visit to the UK in June 2003. The deal has become the largest foreign investment in a Russian company.

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