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Rosneft Completes Buyout of 100% Stake in TNK-BP

21 March 2013

On March 21, 2013 at 15:53 Moscow time Rosneft completed the takeover of 100% of TNK-BP.

The transaction was carried out simultaneously in different parts of the world, including the Caribbean Islands, Cyprus and Europe. Rosneft has taken the full control of TNK-BP.

Igor Sechin, Rosneft President and Chairman of the Management Board, briefed Vladimir Putin on the deal completion and thanked the President of Russia for his support throughout the process. Sechin also thanked partners, including BP and its head Bob Dudley, as well as all consultants and advisors involved in this complex transaction.

“We will work hard, and we already have plans to achieve synergies from asset consolidation. Synergy effect for the Company and its shareholders is expected to reach up to $10 bn,” said Sechin. According to Igor Sechin, synergies will primarily be achieved in production projects. The company will optimize the development costs at the Suzun, Tagul and Lodochnoye fields. Significant synergy will be achieved as a result of the management costs optimization. Rosneft is also raising the efficiency of its refineries.

According to Rosneft President, the total production of the integrated company will exceed 206 million tonnes of oil in 2013, with natural gas output reaching 47 billion cubic meters and the refinery throughput reaching 95 million tonnes. The company will operate 2,500 refueling stations in Russia. Revenues are expected to reach 4.9 trillion rubles.

“We will be working hard to increase the market value of equity in the interests of our shareholders,” Sechin concluded.

Information Division,
March 21, 2013