Rosneft asserts right to bid for TNK-BP control

Opportunities: Rosneft president Igor Sechin

AFP/SCANPIX

By Vladimir Afanasiev

 02 August 2012 22:59 GMT

Russia’s state-controlled oil company Rosneft has argued for its right to bid for control of the country’s third largest oil producer TNK-BP, after some analysts doubted the effectiveness of forming such a large corporate structure.

Rosneft is already the country’s largest oil producer, after it bought the oil producing assets of Yukos between 2004 and 2007.

Yukos was forced into bankruptcy after authorities presented multi-billion back tax claims to the company.

With its bid for TNK-BP, Rosneft is looking to achieve synergy savings and speed up the completion of greenfield development projects in East Siberia, a company official told Prime news agency in Moscow.

According to the official, the company may use existing infrastructure at its flagship Vankor oilfield in East Siberia to facilitate the development of the nearby…

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