The AAR consortium which engaged in a long running shareholder dispute with Robert Dudley when he was head of TNK-BP, has welcomed his rise to the CEO position of BP global and says it is interested in buying BP assets.
Polovets also noted that reports in the media suggesting that Dudley’s predecessor as BP CEO, Tony Hayward, would be primarily focused on selling BP assets to TNK-BP. Polovets noted that as a non executive director, Hayward would recuse himself from any deliberation which could lead to a conflict of interest, and that a potential sale of asets from BP to TNK-BP would be on such instance.
“That is totally incorrect and unsubstantiated. In fact, as TNK-BP looks to acquire assets from BP, the directors from BP have to recuse themselves from any deliberation or discussion of that transaction, because they are conflicted and would not be entitled to a vote as the Board contemplates recommendations that we may or may not get from TNK-BP management to acquire assets. So that’s totally incorrect but I think he could be very helpful in thinking about assets that TNK-BP could acquire from other companies.”
Polovets did, however, add that was interested in purchasing BP assets, including global assets outside Russia, but would only be looking to do so where there was a strategic fit for TNK-BP.
“Most likely assets will be in countries where TNK-BP by virtue of being Russian company, has a certain political advantage, where Russian government can help it enter a country and negotiate the transaction. Secondly, will be countries which are operationally linked to our current production, so it could be a downstream assets somewhere in Central Eastern Europe, it could be upstream assets in Central Asian and Caspian states and, I think, thirdly it would be assets where TNK-BP can learn from operating – they could be small assets, but with TNK-BP wants to expand internationally, and doesn’t, at this point, have a lot of experience operating globally, so we could gain that experience by working together with BP on a small project somewhere in a third country, gain experience and new region, new sector, and use it as a platform for further expansion.”
RT
