TNK-BP Explains Circumstances Surrounding FFMS Decision
OREANDA-NEWS. December 12, 2011. On November 2, 2010, TNK-BP registered an issue of nonconvertible TNK-BP Holding bonds with a total value of 7.5 billion rubles in the Federal Financial Markets Service. This gave the Company the opportunity to place 7.5 million bonds with a face value of 1,000 rubles each on the market through open subscription within one year of the date of registration – i.e. until November 2, 2011, reported the press-centre of TNK-BP.
On the basis of current market conditions and the Company’s sustainably stable balance, TNK-BP has not exercised its right to place these bonds, and as the placement deadline has now expired, is in the process of registering the documents required for declaring the issue null and void. As part of this process and in accordance with the law, the Federal Financial Markets Service has adopted a decision to suspend TNK-BP Holding’s Series 02 nonconvertible bond issue, registration No.4-02-55034-E.
Information for editors:
TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company’s total proved SEC LOF reserves are 8.794 billion BOE as of December 31, 2010.