TNK-BP Stock up 6% on Sechin Brand Pledge

MOSCOW, November 30 (RIA Novosti) – Shares in Russian-British oil major TNK-BP jumped 6 percent on Friday after Rosneft CEO Igor Sechin said his company plans to keep the brand following its acquisition by Rosneft.

At 2:42 pm Moscow time, TNK-BP common stock was up 6.04 percent and preferred shares were up 5.96 percent, while the MICEX index had risen just 0.8 percent.

Sechin said earlier on Friday that his company would “keep and develop” the TNK-BP brand, which owns a chain of filling stations in Russia and Ukraine.

Rosneft agreed in October to buy TNK-BP, purchasing half from British partner BP and half from the Russian AAR consortium of four billionaires in a deal worth over $50 billion.

TNK-BP’s Managing Director German Khan said last week that the TNK-BP brand would be retained after the takeover as it has a good niche position on the market.


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