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TNK-VR Kholding is a company involved in the refining and wholesale trade of petroleum products such as petrol, diesel fuel, reduced fuel oil, jet fuel and more. This company was incorporated in November of 2004.
Based in Moscow, Russia, TNK-VR Kholding operates as a part of TNK-BP, a leading Russian oil company and is among the top ten privately-owned oil companies in the world in terms of crude oil production. TNK-BP employs approximately 71,000 people, mostly located in eight major areas of Russia and Ukraine.
In 2007, TNK-VR Kholding managed to acquire a majority share in Severnoyeneftegaz OAO, a company operating in the petroleum industry. In addition, TNK-VR Kholding also acts as a parent company for several oil and gas firms including TNK-VR Severnaya Stolitsa and TNK-VR Tekhnologii.
The Company conducts exploration activities and produces oil and gas in the Russian Federation. It operates petroleum refineries and markets oil and petroleum products in the Russian Federation, Europe and CIS.
Description and history
The Company, a subsidiary TNK-BP, is a British Virgin Islands company. The Company was formed effective August 29, 2003 by the Alfa Group and the Access-
Renova Group (jointly “AAR”) and BP, to hold their respective interests in their Russian and Ukrainian oil and gas assets. AAR contributed its 100 percent interest in TNK Industrial Holdings Limited which held a 100.0 percent interest in TNK-BP International Limited, which in turn owned a 96.1 percent interest in OAO Tyumen Oil Company (“TNK”) and a 100.0 interest in Sborsare Management Limited, which in turn effectively held a 68 percent interest in OAO Sidanco (“Sidanco”). BP contributed its 29.6 percent interest in Sidanco, 33.4 percent interest in OAO RUSIA Petroleum (“RUSIA”) and 75.0 percent interest in BP Moscow Retail (“BP assets”) for its 50.0 percent interest in TNK-BP. The Company also made a balancing payment directly to AAR in cash and BP shares, payable over three years.
The Company’s assets held outside of TBH include its equity interest in Slavneft, interests in the Kovykta development, its Ukrainian businesses and the BP retail assets referred to above.
In 2005, the Company completed a number of steps under its corporate restructuring program. Pursuant to the program, in December 2005 TBH, a newly created holding company, accessioned TNK, Sidanco and OAO ONAKO (“ONAKO”), key holding companies of TNK-BP in Russia. As part of this accession, TBH issued shares to the minority interest holders in these entities. Furthermore, most of the minority shareholders in 14 key subsidiaries of TNK-BP in Russia were consolidated within TBH through a voluntary share exchange program also completed in December 2005.
As a result of these accessions and the above described share exchange, minority shareholders received approximately 5% of the shares in TBH. All purchases of minority interests have been treated as acquisitions and accounted for using the purchase method of accounting.
The Company, through its subsidiaries, conducts exploration and development activities and produces oil and gas in the Russian Federation, operates petroleum refineries and markets oil and petroleum products in the Russian Federation.
Involved in the refining and wholesale trade of petroleum products such as petrol, diesel fuel, reduced fuel oil, jet fuel and more
ZAO PRICEWATERHOUSECOOPERS AUDIT
US SIC Code
18/2, Schipok Street
City province or state postal code
Phone: +7 (495)745-78-54
Fax: +7 (495)787-96-75
Country address: RUSSIAN FEDERATION
Website url: www.tnk-bp.ru