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