I! I 4 5 6 I 7 … _ ..t , 12 – 1 Petroleum production by country in millions of barrels per day. to 7010 _ CASO SEVEN 13 0 iri , ………—– —-8 1993 f’ I,, …………. 6 , ; 4. er” A, It. Ee,t,f ……….11ari,d.:71, l.1,,,–,` , i 2 / …………………..–____,„7– .
0„…1993 1994 1995 1996 1997 1998 1999. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010accusing TNK of tampering with the courts to ‘influence the bankruptcy proceedings and liquidation _ In response to the allegations, TNK agreed to return the Chernogorneft oilfield to Sidanko in exchange for an equity stake of 25 per cent plus one share (for veto power) in the company Under the terms of the agreement, BP maintained irs 10 per cent stake, but its voting rights were increased to equal those of TNK (25 per cent plus one share necessary for a blocking vote)! Additionally BP received managerial authority over Sidanko and its subsidiaries, effectively giving BP control over the highly prized Chernogorneft oilfield.’ In 2002, BP purchased an additional 15 per cent stake in Sidanko for USS375 million, increasing its stake to per cent; AAR maintained its 56 per cent stake. The Chernogorneft oilfield dispute resolved, BP publicly expressed interest in expanding its involvement in Russian oil and initiated preliminary talks with AAR about buying a stake in TINK.” The nextvear, BP agreed to invest USS6.75 billion in a 0-50 joint venture with AAR, to he known as TNK-BR. TheSource: U.S. Energy Information Acim.riistrat.,-,venture incorporated both companies’ holdings in Sidanko, AARs controlling interest in TNK and 50 per cent share of Slavneft. The agreement also included the following: Both companies interests in Rtisia Petroleum thc critical component of which was the tka gas field license,ewloration opportunities offshore Sakhalin Island. and a major downstream business that includes inzerest in five refineries and a mail network of more than 2100 sites in Russia and kraine:’By December 2005, TNK-BP had completed a voluntary share exchange program for the minority shareholders in 14 TNK-BP subsidiaries, thereby facilitating the accession of Sidanko,TNK and OAO Onako to TNK-BP Holding: the three companies were liquidated, and all their assets and liabilities were consolidated within the holding company’. In the next few years, a series of legal disputes ensued among the Russian Government, AAR and BR At the time. there was speculation that TNK-BP would be the target of a takeover t-)- Gazprom, the largest state-controlled gas company,
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