TNK-BP’s Board Directors Meeting: Greenfield Production and Dividend Up, Two Board Members Leave
The Board of Directors of TNK-BP Limited, the main holding company of TNK-BP Group, held a regular board meeting on 9 December, 2011.
The members of the Board reviewed TNK-BP’s operational and financial performance in 2011 and noted that increased production at the Company’s greenfield projects, greater refining volumes as well as favorable market conditions have enabled the Company to deliver significantly improved results year to date. Based on the final results of the third quarter, the Board voted to approve an additional third quarter dividend of $US 1.25 billion.
The Board heard an update on the Company’s 3-year plan and was briefed on the status of the Company’s major projects in the Yamalo-Nenets Autonomous District and northern Krasnoyarsk region, as well as interim results of measures being taken to stabilize oil production in Western Siberia and improve the Company’s business in Ukraine. Additionally, the Board was provided with an update on the performance of TNK-BP’s operations in Vietnam, Venezuela and Brazil, and supported the Company’s participation in the current offshore licensing round in Vietnam.
“We are pleased with the exceptional results TNK-BP has delivered so far in 2011,” said Mikhail Fridman, Executive Chairman of TNK-BP Ltd. “The Company has made great progress in key projects to stabilize production in Western Siberia and in the development of oil and gas fields in the Yamal province. We remain committed to further developing our assets outside of Russia in order to achieve our strategic goal of transforming TNK-BP into one of the most efficient international oil and gas companies.”
Two independent non-executive directors, Former German Chancellor Gerhard Schroeder and James Leng, announced at the meeting that they would be stepping down from the TNK-BP Limited Board at the end of 2011. “I am very grateful to both Mr. Schroeder and Mr. Leng for the invaluable contributions they have made to the success of TNK-BP in their three years with the Company,” said Mikhail Fridman. “Their wisdom, experience, and vision will be impossible to replace.” The Company will commence the search for two new independent directors, who will join Alexander Shokin, president of the Russian Union of Industrialists and Enterpreneurs on the TNK-BP Limited Board.