Rosneft: nonintervention in TNK-BP shareholder dispute, will keep partnership with BP
MOSCOW. March 11 (Interfax) - Rosneft is not interfering in the shareholder dispute at TNK-BP and plans to follow through on its agreed alliance with BP, Rosneft said in a statement.
"Rosneft is maintaining a policy of nonintervention in the dispute between shareholders in TNK-BP and hopes that this corporate conflict will be resolved quickly and without harming the interests of Rosneft," the statement says.
Rosneft reiterated that it is not in talks with either of the TNK-BP shareholders: Russian AAR or BP. "TNK-BP was never viewed as a potential member in the alliance because it lacked the required competencies and did not make proposals to Rosneft concerning its interest in shelf operations," it says. In making its selection, Rosneft took into account BP's financial strength, its ability to carry out the most technologically challenging projects and its 40 years of experience in shelf and deepwater projects in 12 countries.
Rosneft said it would defend itself against any attempts to disrupt the deal, which will see BP swap 5% of its ordinary shares for almost 9.5% of Rosneft shares (that Rosneft acquired in the Yukos bankruptcy). Including the shares it already holds, BP will have a 10.8% stake in Rosneft. The two companies will also team up to develop three Rosneft sections in the Kara Sea. Rosneft will have 66.67% interest in that joint venture and BP - 33.33%.
The TNK-BP board of directors will make a third attempt to examine the company's potential participation in the alliance at a meeting scheduled for March 12. TNK-BP management has recommended that the company replace BP as Rosneft's partner in the alliance. TNK-BP CEO Mikhail Fridman commented: "Management believes the proposal on TNK-BP's participation in the deal with Rosneft is exceedingly attractive from a strategic and financial standpoint, for TNK-BP and its shareholders."
"We hope that the next board meeting will support management's recommendation and that the TNK-BP leadership will be authorized to negotiate with BP and Rosneft on participation in the Arctic deal and share swaps," he said.
RTS$#&: ROSN, TNBP, YUKO