The head of Russian top oil producer Rosneft, Igor Sechin announced last Tuesday he is reiterating his cooperation with the minority shareholders of TNK-BP Holding. This was an about face after complaints made by minority shareholders of unequal treatment.
Sechin, a known ally of President Vladimir Putin, said he has been awaiting proposals from its shareholders. Just a few months ago, he said he had no obligation to these shareholders and he would not offer a buyout upon the completion of the purchase of the TNK-BP worth US$55 billion.
During a company presentation broadcast with investors in London, Sechin said, "We are in dialogue with the minority shareholders (of TNK-BP) and expect concrete proposals for them."
Rosneft bought TNK-BP from BP and retained a 20% share of Rosneft with help from Soviet born tycoons. In the purchase, Rosneft acquired 95% of the traded unit, TNK-BP Holdings where 5% of the shares remaining are owned by the minority shareholders.
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