OREANDA-NEWS. June 18, 2008. TNK-BP plans to divest its service assets in an IPO, announced TNK-BP Chief Operating Officer Tim Summers in an appearance at the twelfth annual investors’ conference, “Russia: The Power of Transformations.”

“We intend to divest our Oilfield Services assets in an IPO.  This issue will soon be discussed in the Company’s Board of Directors,” he said.

The company had previously communicated that it is considering two possibilities for developing its oilfield services subdivisions: either by selling them directly or through IPO.  Furthermore, the company always emphasized that oilfield services exist as a separate business unit within the TNK-BP corporate structure.  They have the capability of concluding contracts and developing themselves.

In May of this year TNK-BP communicated that in 2008 it plans to receive about \\$700 million in the form of income from the operations of its subsidiaries who had provided services in oil and gas production.