BP PLC Chief Executive Bob Dudley will sit on the steering
committee coordinating the integration of Russian oil company TNK-BP Holding
and state-controlled oil giant OAO Rosneft , the companies said in a statement
Thursday.
Rosneft is acquiring TNK-BP, Russia's number three oil producer, from BP and its
partners in deals worth $55 billion that will create the world's largest listed
crude producer. BP will hold a 19.8% stake in Rosneft as part of its deal to
sell out of TNK-BP.
Messrs. Sechin and Dudley met Wednesday to discuss the integration of Rosneft
and TNK-BP, the companies said in a statement.
"I am glad to see the progress in our cooperation and am confident that
the experience of Bob Dudley and of the BP team will raise the efficiency of
the integration process and will ensure the combined company becomes one of the
most competitive international majors," Mr. Sechin said in the statement.