TIMELINE-BPs business in Russia

Thursday 21st March, 2013

March 21 | Thu Mar 21, 2013 11:41am EDT

March 21 (Reuters) – Russian state-owned oil company Rosneft announced the completion of a $55 billion deal to buy BP and its partners out of TNK-BP.

Following is a timeline of BP’s history in Russia:

1997 – BP pays $571 million for a 10 percent stake in SIDANKO, then Russia’s fifth-largest oil company and part of the UNEXIM-MFK banking group controlled by oligarch Vladimir Potanin.

2003 – BP establishes Russian joint venture TNK-BP as a result of the merger of Russian companies TNK, SIDANKO and Onako with the majority of BP’s Russian oil assets. The company is 50 percent owned by BP and 50 percent by a group of Russia-connected investors: Alfa Group, Access Industries and Renova (AAR).

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