Rosneft looks at potential US$5b savings
Source: Agencies |
October 24, 2012, Wednesday
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RUSSIAN oil company Rosneft said it could make up to US$5 billion in savings when it combines its operations with those of its takeover target TNK-BP, the chief executive said yesterday.
The state-owned firm on Monday unveiled a deal to buy TNK-BP, Russia's third-largest oil producer. It is buying the 50 percent stake of British oil company BP for US$17.1 billion in cash and a 12.84 percent share of Rosneft. It is buying the other half, owned by a group of Russian billionaires, for US$28 billion.
The new combined company will leapfrog ExxonMobil Corp to become the world's largest publicly traded producer of oil and gas, in terms of output.
Rosneft's CEO Igor Sechin told investors in a conference call yesterday the firm could gain between US$3 billion and US$5 billion by combining its resources with TNK-BP's. Sechin said that, among other things, the takeover would give Rosneft access to sizeable oil fields that are much closer to a key China-bound pipeline than its own sites.
Igor Artemyev, chief of the Russian Anti-Monopoly Agency, told reporters on Tuesday that Rosneft's takeover doesn't violate Russian anti-trust laws which do not allow one company to own more than a half of the market.
The state-owned firm on Monday unveiled a deal to buy TNK-BP, Russia's third-largest oil producer. It is buying the 50 percent stake of British oil company BP for US$17.1 billion in cash and a 12.84 percent share of Rosneft. It is buying the other half, owned by a group of Russian billionaires, for US$28 billion.
The new combined company will leapfrog ExxonMobil Corp to become the world's largest publicly traded producer of oil and gas, in terms of output.
Rosneft's CEO Igor Sechin told investors in a conference call yesterday the firm could gain between US$3 billion and US$5 billion by combining its resources with TNK-BP's. Sechin said that, among other things, the takeover would give Rosneft access to sizeable oil fields that are much closer to a key China-bound pipeline than its own sites.
Igor Artemyev, chief of the Russian Anti-Monopoly Agency, told reporters on Tuesday that Rosneft's takeover doesn't violate Russian anti-trust laws which do not allow one company to own more than a half of the market.
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