Energy Sector Essay

982 Words Jun 1st, 2013 4 Pages
Emerging Markets: BP, AAR, and TNK-BP

Energy Resources

AAR, BP bury hatchet over TNK-BP

Shareholders in joint Russian oil venture TNK-BP confirmed they reached an agreement to settle outstanding issues to avoid arbitration.
"BP and AAR, joint shareholders in TNK-BP, today announced that they have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other," a statement released by BP read.
Russia's state-owned oil company Rosneft agreed recently to take on BP's stake in the joint venture for $17.1 billion in cash and 12.84 percent of treasury shares. Rosneft, in a deal with Russian billionaires represented by AAR, agreed to take on the
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"We have reached an agreement that will satisfy both parties," AAR CEO Stan Polovets said.
Russia's AAR Consortium and Britain's BP have agreed to reinstate the board of TNK-ВР directors in its full capacity, the joint statement said Tuesday.
The parties have reached a consensus to amend several articles in the TNK-ВР charter to give more power to its board and allow its members to make decisions that require a simple majority or unanimity.
The Board of Directors will be restored once all necessary amendments are introduced, the announcement said.

BP, AAR settle all outstanding disputes, may explore new opportunities in Russia, Ukraine

BP and AAR, joint shareholders in TNK-BP (RTS: TNBP), have reached a comprehensive agreement to settle all outstanding disputes between them, including the current arbitrations brought by each against the other, BP and AAR said in press releases.

"The agreement includes an immediate waiver of the new opportunities provision in the TNK-BP shareholder agreement, allowing each party to explore new opportunities and partnerships in Russia and the Ukraine, effective immediately," the companies said.
"The parties have agreed to work constructively together with each other and with Rosneft to progress their respective disposals of their shareholdings in TNK-BP," they said.

BP and AAR declare peace, as the major deal with Rosneft looms

The major shareholders of what so far remains a Russian –…

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