Search results for: AAR

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  • 17 October 2012

    Russian consortium AAR has decided to sell its share in TNK-BP to Rosneft for USD 28 billion, Reuters has reported, citing a source close to the matter. TNK-BP is Russia’s third largest oil company and is parity-owned by UK’s BP and AAR (a consortium of Alfa Group, Access Industries, and Renova). The company was formed […]

  • 18 October 2012

    After it was yesterday reported that AAR consortium has agreed to sell its stake in TNK-BP for $28 billion to Rosneft, Bloomberg today announced that Rosneft has also tabled a similar bid for BP’s stake in TNK-BP. The value of the potential acquisition will reach an estimated $56 billion, which would be the second largest […]

  • 25 March 2011
    Business & Finance

    BP announced today that an arbitral tribunal has ruled that the interim injunction issued to prevent BP’s proposed transaction with Rosneft, which includes Arctic exploration and a share swap transaction, from proceeding should continue. BP will now apply for a determination whether the share swap may proceed on its own. BP said it looks forward […]

  • 24 October 2011
    Business & Finance

    TNK-BP shareholders Alfa, Access, Renova (AAR) and BP have agreed a number of decisions regarding senior management roles at TNK-BP. It is expected that these decisions will be formally approved by the Board of Directors and implemented before the close of the current year. The decisions reflect the shared commitment of the joint-venture partners to […]

  • 21 March 2013
    Business & Finance

    Russia’s state-owned oil company Rosneft has today completed one of the largest oil industry acquisitions in history. Rosneft today finalised two separate transactions with British oil company BP and Russia’s AAR consortium to acquire TNK-BP. Rosneft has bought BP’s 50% share in TNK-BP in exchange for $16.65 billion in cash and 12.84% of Rosneft shares. […]

  • 13 December 2012

    Rosneft has signed an agreement to purchase from the AAR Consortium (Alfa Group, Access Industries and Renova) its 50% stake in TNK-BP. The purchase price in the transaction is determined based on the base value of AAR’s stake in TNK-BP of $28 bln. Completion of the transaction is subject to approvals from Russian and European […]

  • 13 November 2012

    UK’s BP and Russian consortium AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other. The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing each party […]

  • 13 February 2013

    Russia’s Rosneft today, February 13,  signed loan agreements for the total amount of U.S. $14.212 billion. The money raised will be used for the acquisition of a 50% stake in TNK-BP Ltd. from AAR (Alfa, Access, Renova) Consortium. The cost of the financing that is being arranged is one of the lowest at the Russian […]

  • 20 December 2012
    Business & Finance

    On December 19 Igor Sechin, Rosneft President and Chairman of the Management Board held a working meeting with BP CEO Bob Dudley to discuss the integration of Rosneft and TNK-BP. Bob Dudley will become a member of the steering committee co-ordinating the integration that will be chaired by Igor Sechin. The parties confirmed their commitment […]

  • 5 September 2008

    An overhaul of the governance structure of Russia’s third largest oil company, TNK-BP, has been agreed in principle by the two main owners, BP and Alfa Access-Renova (AAR). The aim is to better align their respective interests and improve the transparency of TNK-BP’s equity. A memorandum of understanding (MOU) signed today and due to be […]

  • 28 May 2012
    Business & Finance

    Mikhail Fridman has submitted a letter of resignation to TNK-BP Ltd.’s Board of Directors, notifying his resignation from the position of Chief Executive Officer of the TNK-BP Group. Mikhail Fridman has also sent TNK-BP shareholders a letter of resignation from the position of Chairman of the Management Board of TNK-BP Management, a Russian subsidiary of […]

  • 26 December 2013

    Russia’s Rosneft has repaid a portion of a loan received earlier from a group of international banks to support the acquisition of TNK-BP.   With the early repayment announced earlier, the overall amount paid towards the settlement of the principal debt totaled around USD 5.1 billion. Igor Sechin, President of Rosneft, commented: “Financial standing of Rosneft […]

  • 23 November 2012

    BP, Rosneft and Rosneftegaz — the state-owned parent company of Rosneft — have signed definitive and binding sale and purchase agreements (SPAs) for the sale of BP’s 50 per cent interest in TNK-BP to Rosneft and BP’s investment in Rosneft. BP and Rosneft agreed heads of terms for this transaction on October 22. The SPAs […]

  • 9 May 2011
    Business & Finance

      The arbitral panel has on Friday issued a consent order permitting BP and the Alfa-Access-Renova (AAR) consortium to assign the Arctic opportunity to TNK-BP, subject to Rosneft consent. The order also permits the proposed share swap between BP and Rosneft to proceed subject to Rosneft having consented to assign the Arctic opportunity to TNK-BP. […]

  • 4 September 2008

    BP confirmed on Thursday that it has signed an agreement aimed at keeping its half stake in TNK-BP – Russia’s third-biggest oil company. The development apparently resolves a long-ranging battle for control with its local partners. BP said in a statement that an overhaul of the governance structure of TNK-BP was agreed in principle by […]

  • 23 November 2012

    BP, Rosneft and Rosneftegaz , the state – owned parent company of Rosneft, have signed definitive and binding sale and purchase agreements (SPAs) for the sale of BP’s 50 per cent interest in TNK-BP to Rosneft and BP’s investment in Rosneft. BP and Rosneft agreed heads of terms for this transaction on October 22. The […]

  • 20 April 2012
    Business & Finance

    TNK-BP announced yesterday that the group’s subsidiary TNK Vietnam has successfully completed the drilling of two development wells on the Lan Đỏ offshore field in Vietnam. TNK Vietnam began drilling operations on subsea development wells on January 14, 2012. Their construction on the Lan Đỏ field took 94 days to complete and proceeded at depths […]

  • 21 October 2011
    Business & Finance

    TNK-BP said recently that the Vietnamese Ministry of Investment and Trade has granted TNK Vietnam, the Vietnam-based subsidiary of TNK-BP Group, the investment license to operate offshore gas Block 06.1, part of the Nam Con Son Integrated Gas to Power Project. TNK-BP has acquired from BP a 35% stake in the offshore gas condensate production […]

  • 22 August 2014

    Germany’s Economy Ministry has given a green light to the sale of RWE Dea to LetterOne group, headed by Russian billionaire Mikhail Fridman.

  • 18 October 2010

    BP announced today that it has reached agreement to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of $1.8 billion. TNK-BP, Russia’s third largest oil company, is owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova). The agreement includes BP’s interests […]

  • 14 October 2010

    Namibia’s port authority Namport plans to spend R2.7 billion (N$2.7bn) on upgrading the port of Walvis Bay within the next three to four years, says Walvis Bay Corridor Group CEO, Johny Smith. As has been previously reported in PORTS & SHIPS, Walvis Bay is to be expanded with a new container terminal that will double […]

  • 10 October 2016
    Business & Finance

    A provider of air compression and steam generation to the offshore industry RentAir Offshore and ATR Power Solutions, a solutions provider to the oil and gas industry, have merged to become one company. This agreement follows the successful merger of their parent companies, Centurion Group and ATR Group, earlier this year. ATR said last Monday […]