TNK-BP to sell Udmurtneft to Sinopec
Posted: 26 June 2006
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TNK-BP said it has agreed to sell its Udmurtneft assets to Sinopec. This completes a tender process which was launched at the end of 2005.
It is expected that settlement will occur in the near future following final agreement and signature of a fully termed sale and purchase agreement. Russian anti-monopoly approval has already been obtained for the transaction.
This agreement marks a big step by Sinopec into oil-rich Russia, in a hope to unlock Russia's energy resources to feed China's fast-growing economy.
Robert Dudley, TNK-BP President and CEO, said: “This is a positive development – it brings another major international investor working with strong Russian alliances into the country’s oil and gas sector.
“It reinforces Russia’s pivotal role in global energy markets. And I believe it will provide the stimulus for increased investment in the industry in Udmurtia. For TNK-BP it will allow us to concentrate more resources on our core exploration and production.”
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