OREANDA-NEWS. September 04, 2008. TNK-BP welcomes the emerging resolution of the dispute between its shareholders, reported the press-centre of TNK-BP.

Final agreement between shareholders will enable the management and staff of TNK-BP to focus on the way forward for the company free of this significant distraction and the uncertainties around the company’s business plan and capital expenditure.

TNK-BP stands ready to assist shareholders in implementing the changes announced.

TNK-BP remains a strong and competitive Russian oil and gas company having contributed more than \\$80 billion in taxes duties and excise to the Russian government in the five years since its inception. Its five year performance is second to none in the Russian oil and gas industry in terms of organic production growth, replacement of reserves and total shareholder returns.

“I am pleased that our shareholders have reached agreement in principle on resolving their differences. Implementation of this agreement will allow TNK-BP to develop greater independence and identity and help prepare it for a successful public offering in due course. Becoming a more publicly held company will drive even higher standards of corporate governance and provide a fairer market valuation” Chief Executive Officer, Robert Dudley said today. “Meanwhile in 2008, we remain on track to deliver our best year of operational and financial performance in our five year history”, he added.