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Russian, UK Shareholders of TNK-BP Sign Memorandum – More

September 4, 2008

The Russian and UK shareholders of the oil company TNK-BP, which is owned by BP and the Russian consortium AAR (Alfa Group, Access Industries and Renova) on a parity basis, have signed a memorandum of understanding, Interfax news agency reported on 4 September, quoting AAR chief executive officer Stan Polovets.

The current head of TNK-BP, Robert Dudley, is to leave the post of CEO by the end of the year, Interfax reported at 0848 gmt. The agreement on this is stipulated in the memorandum of understanding signed with BP, the agency reports, citing a statement from AAR.

Three independent directors are to take seats on the board of TNK- BP Ltd, the agency reported at 0838 gmt.

The board of directors of TNK BP Ltd. is to consider holding an international IPO to expand the shareholder base of the company, Interfax reported at 0843 gmt, citing the same AAR statement.

Originally published by Interfax news agency, Moscow, in Russian 0826, 0838, 0843 and 0848 4 Sep 08.

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