Anti-Monopoly Ministry OK's merger of TNK and BP

The Russian Anti-Monopoly Ministry has approved the merger of TNK and BP, according to the ministry's press service. Anti-Monopoly Minister Ilya Yuzhanov said that, on August 25, the ministry had granted several petitions concerning the merger of TNK and BP.

British Petroleum and Alfa Group-Access/Renova announced the merger in February 2003. The sum of the deal amounts to $6.15bn. The merger was legally completed on June 26, when the corresponding documents were signed in London. At the end of July, the deal was approved by the European Commission and the Ukrainian Anti-Monopoly Committee.

According to experts, the proven oil reserves of the merged TNK-BP will come to over 5bn barrels, and annual output will exceed 1m barrels. The market capitalization of the company is estimated at $16bn.

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