EC approves TNK-BP deal

The European Commission has approved the deal on creating a holding that unites assets of British Petroleum and Alfa Group and Access/Renova in Russia and Ukraine, representatives of the European Commission in Russia told RBC.

The new company was created in February. BP and TNK's major shareholders Alfa Group and Access/Renova each have 50 percent in the new holding.

The parties announced the completion of legal procedures of the merger in late June 2003. Corresponding documents were signed in London on June 26, 2003.

The deal amounted to $6.15bn. The company's capitalization is estimated at $16bn. Its proven reserves exceed 5bn barrels of oil and the daily oil production exceeds 1m barrels. Experts believe that the annual oil production of TNK-BP could amount to 86m tons in 2012.

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