October 23, 2012 / 10:05 AM / 7 years ago

Sechin sees $3-$5 billion synergies in Rosneft takeover of TNK-BP

MOSCOW (Reuters) - Rosneft (ROSN.MM) CEO Igor Sechin said the company saw operational synergies of $3-$5 billion from a takeover of rival oil company TNK-BP TNBP.MM through a $55 billion buyout of BP (BP.L) and its partners.

“We believe that the overall synergy effect from optimisation of current upstream, refining and marketing projects can be calculated at $3-$5 billion,” Sechin told a conference call.

He said no discussion on a buyout of minority shareholders in TNK-BP Holding TNBP.MM, a listed unit of BP’s joint venture with four Russian billionaires, had been held.

Sechin’s remark sent shares in TNK-BP Holding, which has a free float of around 5 percent, down by up to 7 percent.

“This question has not been discussed,” Sechin said. “We have not taken on any obligations ... nobody proposed this to us.”

Reporting by Melissa Akin and Olesya Astakhova; Editing by Douglas Busvine

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