OREANDA-NEWS. On June 30, 2009 TNK-BP Holding (TBH) held its Annual General Meeting of shareholders. The shareholders approved the proposed dividend payment and voted for accession of four subsidiaries, reported the press-centre of TNK-BP.

The shareholders also elected a new Board of Directors of TNK-BP Holding. The board consists of nine members, including four representatives of two major shareholders and one independent director in compliance with the new system of corporate governance agreed by AAR and BP at the beginning of this year.

In addition, the company presented highlights of consolidated 2008 financial results prepared under US GAAP accounting standards for TBH. In terms of the consolidated results, revenues for the TBH group for 2008 were USD 45.1 billion, EBITDA was USD 9.6 billion and net income was USD 6.4 billion.

This represents an 11% increase in net income on theprevious year.

The Annual General Meeting approved a recommended dividend payment of RUR 34.5 billion (RUR 2.12 per share), which when added to the interim dividend of RUR 47.9 billion (RUR 2.94 per share) declared in respect of 1H 2008, amounts to 100% of TBH net income in 2008. TBH’s annual dividend for 2008 totals RUR 82.4 billion.

Dividends will be paid to all preferred and ordinary shareholders within six months after the approval.

The meeting also appointed PricewaterhouseCoopers as the TBH auditor for both Russian statutory accounting purposes and for consolidated group reporting.

The shareholders approved the accession of four wholly owned subsidiaries into TBH, and the liquidation of the treasury stock in TBH owned by those companies – in total 5.2% of TBH charter capital. The accession is part of the ongoing simplification of TNK-BP’s corporate structure. Completion of the accession will allow cancellation of the T-stock and consolidation of retained earnings into TBH. Once approved it is expected the accessions will be completed in November 2009.

Mikhail Fridman, interim CEO of TNK-BP, commended the TBH staff and management for excellent operating and financial results achieved in 2008 despite sharp deterioration of economic conditions in the second half of last year. “TNK-BP Holding has been consistently delivering sustainable production growth; making incremental investments for the long-term and paying record dividends in the Russian oil industry. In 2008, TNK-BP Holding paid 700 billion roubles in taxes, duties and excises and made timely payments of salaries and bonuses. We focus on continuity, stability and efficient performance to realise great potential of our company.”