Key Developments: TNK-BP Holding OAO (TNKBF.PK)
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18 Dec 2012
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Latest Key Developments (Source: Significant Developments)
S&P Raises TNK-BP Holding OAO's Rating from BBB- to BBB with Stable Outlook-Interfax
Interfax reported that Standard & Poor's Rating has raised TNK-BP Holding OAO's rating from BBB- to BBB. The Outlook on the rating is Stable. Full Article
Fitch Raises TNK-BP Holding OAO Rating from BBB- to BBB-Interfax
Interfax reported that International ratings agency Fitch raised TNK-BP Holding OAO long-term foreign and national currency issuer default ratings from BBB- to BBB, the agency said in a press release. Full Article
TNK-BP Holding OAO Announces Change of Chairman of Board of Directors-SKRIN
SKRIN reported that the Board of Directors of TNK-BP Holding OAO has appointed Mr. David Brian Skidmore as its Chairman. Further details were not disclosed. Full Article
NK Rosneft' OAO Finishes Buying TNK-BP Holding OAO-Interfax
Interfax reported that NK Rosneft' OAO has completed all the legal and financial formalities involved in buying 100% of TNK-BP Holding OAO. NK Rosneft' OAO President Mr. Igor Sechin and BP Chief Mr. Robert Dudley have informed Russian President Mr. Vladimir Putin of this fact. The transactions wrapped up at 3:53 p.m. Moscow time on March 21, 2013. The deal was registered at offshore zones in the Caribbean Islands, Cyprus and Europe. Full Article
SIBUR Holding OAO and TNK-BO Holding OAO Extend Cooperation and Define Long-Term Format of Partnership in APG Processing
SIBUR Holding OAO (SIBUR) announced that SIBUR and TNK-BP Holding OAO (TNK-BP) have signed a set of agreements that define the format of cooperation between the parties within OOO Yugragazpererabotka, an APG processing joint venture (JV), for the period from 2017 through 2026. The parties have extended the key agreements related to the supply of associated petroleum gas (APG) and purchase of dry gas and natural gas liquids (NGLs) that are products of APG processing. Both have also revised the guaranteed APG volumes that will be supplied by TNK-BP to Nizhnevartovskiy and Belozerniy GPPs as part of the JV. The parties have extended the term of the JV for an indefinite period of time, while terminating the call option agreements. The agreements further strengthen the long-term, mutually beneficial partnership between SIBUR and TNK-BP. In 2012, Yugragazpererabotka processed over 12.5 billion cubic metres of APG, a 9% increase from 2011 and a 71% surge against 2007 levels, the year when the JV was established. In 2012, Yugragazpererabotka completed a number of investment projects, including the construction of a third compressor station at the Nizhnevartovskiy GPP. Full Article
Structures of Prosperity Capital Management File Claim Against TNK-BP Holding OAO-Interfax
Interfax reported that on February 18, 2013 structures of Prosperity Capital Management, companies Lankrenan Investments Limited and Protsvetaniye Holdings Limited, filed a claim to the Arbitration Court of the Saratov Region against TNK-BP Holding OAO for RUB 9.9 billion. A third party to the claim is Saratovskiy NPZ OAO, a part of TNK-BP Holding OAO. The date of hearing has not yet been set. Prosperity Capital Management declined to comment. Earlier, Lankrenan Investments Limited and Protsvetaniye Holdings Limited, which are minority shareholders of Saratovskiy NPZ OAO, had filed claims against TNK-BP Holding OAO for lost profit of up to RUB 4.6 billion. The claim had been dismissed. Full Article
TNK-BP Holding OAO Increases Stake in Irkol ZAO-Interfax
Interfax reported that TNK-BP Holding OAO has increased stake in its registrar, Irkol ZAO, from 17.70% to 47.73%. Further details were not disclosed. Full Article
NK Rosneft' OAO Buying TNK-BP Holding OAO's Stake in Venezuelan Joint Venture PetroMonagas-Interfax
Interfax reported that NK Rosneft' OAO (Rosneft) is buying TNK-BP Holding OAO's stake in Venezuelan joint venture PetroMonagas, Venezuelan media outlets reported, citing Venezuelan Oil Minister Rafael Ramirez. Currently, TNK-BP Holding OAO (TNK-BP) holds a 16.7% stake in the joint venture, which it acquired in 2011. The remaining 83.3% belongs to Venezuelan state-owned company PDVSA. TNK-BP's rights in PetroMonagas will be transferred to Rosneft, Ramirez said. The value of the deal is not being disclosed. The sale of a stake in PetroMonagas is subject to Venezuelan government approval.In the middle of 2011, TNK-BP became a co-owner of three joint ventures with PDVSA, including PetroMonagas, which is implementing an integrated project in the Carabobo area. This project entails producing extra heavy oil, mixing that oil with a thinning agent, transporting the mixture to an extra heavy oil upgrader plant, and producing and selling synthetic oil. Full Article
Russia Court Dismisses $3 Billion Ruling Against BP Plc, Closes Case; Updates On TNK-BP Holding Stake Sale To NK Rosneft' OAO-DJ
Dow Jones reported that a Russian court on Thursday dismissed a $3 billion damages ruling against BP Plc and closed the case, ending months of legal strife for the U.K. company as it finalizes a deal to sell out of its joint venture (JV) in the country and take a stake in NK Rosneft' OAO. An arbitration court in the Siberian town of Omsk dismissed another court's ruling from last year ordering BP to pay just over RUB100 billion ($3.1 billion) in damages to its Russian joint venture TNK-BP. That court had ruled in July that BP caused damage to TNK-BP and the interests of its minority shareholders when it sought an alliance last year with Rosneft in the Arctic exploration deal without involving TNK-BP. The Omsk court, which was hearing BP's appeal, dismissed the case Thursday after the minority investors filed to withdraw the suit. BP and its partners are selling TNK-BP Holding to Rosneft in deals worth $55 billion after years of disagreements. BP will hold a 19.8% stake in Rosneft as part of its move to sell out of TNK-BP. The deals are expected to close in the first half of 2013. Full Article
TNK-BP Holding OAO Signs Drilling Contract with Halliburton Co for Yem-Yegovsky Area-Interfax
Interfax reported that TNK-BP Holding OAO and Halliburton Co have signed a contract to drill for tight reserves at the Yem-Yegovsky license area in the Khanty-Mansiisk Autonomous District, the Company's Vice President for Operations and Asset Management Oleg Mikhailov told reporters. The contract was signed at the end of last year, and drilling of the first well kicked off in January. The pilot project entails drilling 16 wells, the first six of which will be completed by this November, he said. Full Article
UPDATE 2-Rosneft targets Iraq, squares up to Gazprom
* Sechin says market capitalisation of Rosneft to reach $120 bln in two-year time
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