BP and AAR Settle All Outstanding Disputes
BP and AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other. The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing …
BP Reports Strong Third Quarter Results, Raises Dividend
BP today announced its financial results for the third quarter of 2012, reporting underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, of $5.2 billion. It also announced an increase in its quarterly dividend to 9c per share – an increase of 12.5 per cent – …
Rosneft agrees to acquire a 50% stake in TNK-BP from BP
Rosneft today announces that it has entered into an agreement in principle with BP to acquire its 50% interest in TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. In connection with the proposed transaction, BP has offered to purchase from Rosneft’s parent, …
Rosneft In Bid for BP’s Stake in TNK-BP
Rosneft is poised to secure a tighter grip on Russia‘s oil industry with a bid for BP’s 50 percent stake in TNK-BP, the country’s third largest producing company. Sources familiar with the actions of British oil company BP, Rosneft, their advisers and financiers said a bid had been submitted to …
BP Attempts to Sooth SOCAR and Azeri Ire
BP Plc Chief Executive Officer Bob Dudley agreed to work closely with the State Oil Co. of Azerbaijan at a Caspian Sea oil field where Azeri President Ilham Aliyev blamed the U.K. producer for declining output, reported Zulfugar Agayev. Dudley met with Rovnaq Abdullayev, the CEO of Socar, as the …
TNK-BP: Bidding to Open this Week – Rosneft likely Suitors
Bidding will open this week for BP’s half of Russian oil company TNK-BP, with Rosneft seen as the likely winner of the British oil major’s stake in the fraught but lucrative joint venture reported Melissa Akin. BP has booked $19 billion (11.8 billion pounds) in dividends from its original investment …
BP Service Stations Now Accepting Payment by Visa payWave in Moscow and Moscow Region
TNK-BP announces that BP-branded service stations in Moscow and Moscow Region have begun accepting payment via the contactless Visa® payWave system. The stations have already successfully introduced contactless payments using the MasterCard PayPass system. It has now become even easier to buy high-quality branded fuel and accessories at BP’s service …
BP Second Quarter 2012 Results
BP today reported its quarterly results for the second quarter of 2012. Underlying replacement cost profit for the quarter, adjusted for non-operating items and fair value accounting effects, was $3.7 billion, compared with $5.7 billion for the same period in 2011 and $4.8 billion for the first quarter of 2012. …
BP Confirms Rosneft Sale Talks
BP today confirmed it would begin negotiations with Rosneft for the potential purchase of BP’s shareholding in TNK-BP. BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations. BP welcomed …
Rosneft has informed BP of Rosneft’s interest in a potential acquisition of BP participation in TNK-BP
Rosneft announces that, in connection with BP’s recent statements regarding its intention to pursue a potential sale of its participation in TNK-BP, Rosneft has informed BP of Rosneft’s interest in a potential acquisition of such participation. As a result, the parties agreed to commence negotiations on this matter and signed …