BP Holdings Madrid Barcelona News TNK-BP/LIVEJOURNAL

TNK-BP is a major vertically integrated Russian oil company headquartered in Moscow. It is Russia's third-largest oil producer and among the ten largest private oil companies in the world. TNK-BP is Russia's third largest oil company in terms of reserves and crude oil production. It is 50% owned by BP and 50% by a group of Russian businessmen, represented by the AAR (Alfa-Access-Renova) consortium.
Since the merger in 2003 between BP's and AAR's assets in Russia and Ukraine, TNK-BP has expanded through acquisitions such as that of Slavneft and organically through improving operational efficiency. In that time, over a backdrop of shareholder dispute, TNK-BP's profits have risen from US$2.7 billion in 2003 to $5.3 billion in 2009.
DeGolyer and MacNaughton confirmed that as of 31 December 2009 TNK-BP's total proved reserves amounted to 11.667 billion barrels (1.8549×109 m3) of oil equivalent, applying PRMS (formerly SPE) criteria.
In January 2011, BP and Russia's state oil company, Rosneft, formed a strategic partnership on Arctic development. In March 2011 the Stockholm International Arbitration court blocked the BP-Rosneft deal as breaching TNK–BP earlier contractual arrangements. BP had previously signed a shareholding agreement with AAR, which stipulated that TNK–BP would be the primary corporate vehicle for BP’s oil and gas operations in Russia. AAR's legal action led to the collapse of the BP-Rosneft deal in August 2011, when BP was replaced with ExxonMobil as Rosneft's strategic foreign partner in the Arctic.
Environmental record
TNK-BP has been criticized for its Siberian oil spills. In 2012 Russia's Natural Resources Minister Yuri Trutnev announced that regulators plan to seek damages from TNK-BP as one of the biggest polluters of the Ob and Yenisei river basins in Siberia. He also recommended the company prepare a plan for replacing its pipelines. Each year, 300,000 metric tons to 500,000 tons of oil and oil products are leaked into the Ob and Yenisei river basins, with TNK-BP the biggest offender. In 2011 TNK-BP reported a total 1,186 pipeline ruptures. According to TNK-BP, the company has paid $2.1 billion for clean-up since 2003 and has established a $500 million fund ‘‘to resolve the inherited environmental problems, accumulated since 1962."
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