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The TNK-BP joint venture finally began operating on 1 September, formally completing the deal signed by the major and the owners of Tyumen Oil (TNK) at the start of this year. BP has decided to include TNK's share in Slavneft in the new company, but will exclude its own Sakhalin assets.
TNK-BP president and chief executive officer Bob Dudley said this week that the major has already transferred its initial $2.6bn cash payment to TNK owners Alfa Group and Access/Renova. And it has agreed to pay a further $1.35bn for half of TNK's 50pc stake in Slavneft.
It is buying the stake at a considerable premium to the $1.86bn Sibneft and TNK paid …