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Shareholders in the BP-led Rusia Petroleum joint venture -- operator of the giant Kovykta gas field in east Siberia -- have approved the issue of over 6mn new shares that will allow Tyumen Oil (TNK) to boost its stake in the venture to just under 20pc. But key details of the deal must still be resolved.
TNK -- which owns 9.06pc of Rusia -- will take the shares in exchange for its licences to the Khandinsky and Yuzhno-Ustkutsky blocks, adjacent to the 1.4 trillion [m.sup.3] Kovykta field (FSUE, 4 May, pi).
In addition to handing over the licences, TNK expects to pay around $10mn-12mn to take into account the difference between the new shares' overall value and …