TNK-BP head considers Russia politically stable

Political stability in Russia is much higher than in many other countries, president of TNK-BP Robert Dudley declared at a conference "Creation of world-class companies in Russia and beyond" today. Russia is now a promising country in terms of investments, its role on the world oil market will be improving, the official stated. In addition, the Russian Federation has a competitive advantage in establishing joint ventures, as mergers can be arranged here a lot faster and more efficiently than anywhere in the world, Dudley said. In some ways, the merger of TNK and BP is an investment rating for Western financial markets and the success of the company will influence the mood of major strategic investors from the West, the president of TNK-BP emphasized.

According to the terms of an interaction memorandum signed between shareholders of AAR and BP in February, 2003, they will be able to sell their stakes in TNK-BP in the year 2007. The aim of TNK-BP's management is to make sure that shareholders will not want to do that, Dudley said.

TNK-BP is the third largest oil producing company in Russia. Its market value is currently estimated at $15-17bn.

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