Source Pravda.Ru

Approval of TNK-BP merger is just a matter of time

The decision on the merger of TNK and BP (Tyumen Oil Company - British Petroleum) is delayed due to a large volume of documentation, Russian Deputy Anti-Trust Minister Sergei Dudkin announced at a press conference in Moscow.

The delay in the transaction approval "is not related to any other reasons," he emphasised.

The transaction was approved by the European Commission (the EU supreme executive body) on July 28th and by Ukraine's Anti-Trust Committee on July 30th. After the approval by the Russian Anti-Trust Ministry, the Russian and British parties will be able to complete the merger.

The merger of TNK and BP was announced in February this year. At the end of June, after the necessary documents were signed in London, the companies announced the completion of the judicial stage of the process.

In compliance with the terms of the deal, before the actual merger TNK and BP had to receive the consent of the anti-trust departments of the European Union, Russia and even Ukraine, as it has the only foreign branch of TNK.

The TNK-BP capitalisation is estimated at $18 billion, the TNK press service reported. The newly merged company, with explored oil reserves exceeding 5 billion barrels and daily output being over 1 million barrels, will be the third largest oil producing company in Russia and the eighth in the world.

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