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Ex-Chancellor Schroeder Tipped for Rosneft Board
4.03.2014 10:49
Ex-Chancellor Schroeder Tipped for Rosneft Board
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BP is expected to nominate former German chancellor Gerhard Schroeder as a member of the board of directors of Russia’s oil giant Rosneft, says Kommersant.

      If approved, he’ll serve as a second representative of the British oil corporation on Rosneft’s board.

      Schroeder would join Robert Dudley to pursue the interests of BP which exchanged its stake in TNK-BP for a hefty cash payout and a stake in Rosneft.

      Dubbed as the deal of the decade, the purchase of BP’s 50 percent interest in TNK-BP brought the British firm $12.48 billion in cash, including a TNK-BP dividend of $0.71 billion, and 18.5 percent of Rosneft shares.

      “This is a historic day for BP in Russia. BP has invested in Russia for more than 20 years and for a decade we have been Russia’s largest foreign investor through our involvement with TNK-BP. We aim to continue that success with today’s transaction, which increases our stake in Rosneft and gives us a wonderful opportunity to forge a new partnership with a great Russian oil company,” BP Group Chief Executive Robert Dudley was quoted as saying in March 2013.

      Russia-IC provided extensive coverage on the historic deal, including analysis by the international media.

      For instance, The Wall Street Journal called the agreement “a game changer for the Russian oil industry” while The Financial Times said the deal would mark the largest ‘realignment of Russia’s oil industry’ since the collapse of Yukos.

      The TNK-BP acquisition was finalized after the purchase of AAR's 50 percent stake for $27.73 billion.

      Rosneft is the world's leading publicly traded oil producer, with total proved hydrocarbon reserves of 22.8 billion barrels of oil equivalent.

Author: Mikhail Vesely

Tags: Rosneft TNK-BP Russian oil and gas companies Russian oil  

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