Source Pravda.Ru

BP President: Merger with TNK will provide stability on world energy market

The merger of BP and Tiumen Oil Company (TNK) will provide more stability on the world energy market. As a Rosbalt correspondent reports, this was announced by British Petroleum President Sir John Brown. He said the merger of the two companies marks the largest single foreign investment in the Russian economy in recent times, about USD 7.7 billion. In Mr Brown's opinion, the merger will also reinforce Russia's position on the world arena as TNK-BP became the tenth largest oil company in the world after its merger. He added that foreign investors have started showing 'greater trust in Russia than before.' In his opinion, the Russian oil and gas sector is considered to be the most promising by people abroad.

Mr Brown stressed that TNK-BP anticipates further growth, eventually becoming the world leader in the oil and gas industry. However, he added that the company would aim for long-term results as opposed to short-term.

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