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BP's Dudley to monitor TNK-BP deal

Dec. 21, 2012 at 6:03 AM   |   Comments

MOSCOW, Dec. 21 (UPI) -- BP Chief Executive Officer Bob Dudley will serve on a steering committee to help Rosneft with the integration of TNK-BP, the Russian oil company said.

Russian oil company Rosneft this year agreed to acquire energy giant TNK-BP in deals with British energy company BP and AAR, a group representing the interests of four Russian billionaires in the consortium. Rosneft President Igor Sechin met in Moscow with Dudley, former head of TNK-BP, to discuss the deal.

"Bob Dudley will become a member of the steering committee coordinating the integration that will be chaired by Igor Sechin," Rosneft said in a statement.

Sechin said Dudley's experience with BP would help boost the efficiency of the integration and ensure the combined company remains competitive.

"BP is committed to Rosneft's success throughout the integration process and beyond and we see significant potential for profitable partnership between our companies," said Dudley.

Dudley left TNK-BP in 2008 during disagreements over the company's direction. TNK-BP later expressed frustration over a failed 2011 proposal with Rosneft to work in the arctic, accusing BP of violating terms of the shareholder agreement with BP.

Dudley said recently the decision to divest the TNK-BP joint venture in Russia was part of his company's success.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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