OREANDA-NEWS. November 03, 2009. Moody’s international ratings agency has changed its rating for TNK-BP International Ltd., which is at Baa2 level, from “developing’ to “stable”, according to an announcement from the agency, reported the press-centre of TNK-BP.

“The change in forecast reflects Moody’s view that the polemic around the company’s strategic development that broke out between the shareholders in early 2008 and resulted in changes to the company’s management team and corporate governance structure has been resolved with no real adverse consequences for TNK-BP’s operations”, says the press release.

Moody’s is aware that there are delays in the appointment of a permanent CEO for the company, which will be an important final step to demonstrate that the new corporate governance structure is in place and functioning effectively”, says the report.

Nevertheless, the agency believes that the new management team and corporate governance structure will deliver the goal of sustainable development for the company in its present phase. They will therefore allow TNK-BP to continue operating efficiently and developing further as an independent oil & gas producer.

Moody’s anticipates that the CEO selection process will be completed by the end of 2009, says the report.

TNK-BP is Russia’s third largest oil company, and is owned equally by Britain’s BP and the Russian consortium AAR (Alfa Group, Access Industries, Renova). TNK-BP’s production accounts for roughly 16% of Russia’s total (including TNK-BP’s share of Slavneft’s production). As of 31 December 2008, TNK-BP’s proven reserves under SEC rules (based on field life) were 8.1 billion barrels of oil equivalent. The company’s exploration activities are focused on West and East Siberia and the Volga-Urals region. TNK-BP has five refineries in Russia and Ukraine, and operates a network of 1400 service stations under the BP and TNK brands. In 2008 TNK-BP’s shareholders agreed to settle a conflict that had been played out in public for almost six months. A “memorandum of understanding” signed by the partners stipulates, amongst other things, that the Board of Directors will consider the possibility of an international listing to expand the company’s shareholder base.