The TNK-BP Board of Directors meeting was held in Berlin

The TNK-BP Board of Directors meeting was held in Berlin

At the suggestion of one of BP’s nominated directors and one of the independent directors, the vote was postponed to allow for a more detailed study of the proposal submitted by the management.
The next Board of Directors meeting will be held on 12 March in Paris. The vote on the TNK-BP management’s proposal to participate in the Arctic project together with Rosneft and the share swap will be the only item on the agenda of the meeting on 12 March.
Mikhail Fridman, CEO of TNK-BP, commented: ‘The Management believes that the proposal for TNK-BP to participate in the deal with Rosneft is extremely compelling for TNK-BP and its shareholders, both strategically and financially. We hope, that the next Board of Directors meeting will support the management’s recommendations and that TNK-BP’s management will be authorised to start negotiations with BP and Rosneft to participate in the Arctic deal and share swap.’
Mikhail Fridman also noted that TNK-BP management‘s recommendation to participate in the deal with Rosneft was supported by all members of the Management Board, including senior managers, who previously worked at BP.