Committee authorization was indispensable for the deal as the TNK-BP (Tyumen Petroleum Company/British Petroleum) has several Ukrainian-based companies in mediated control.
The two oil giants finally established their TNK-BP joint venture, last August, and determined to acquire a half of Slavneft assets. The Siberian-based TNK and Sibneft together purchased 98.5% of Slavneft stock at US$1.86 billion, December 2002. As the BP announced last September, it was anxious to pay another $1.35 billion for a 50% block of the TNK-held Slavneft shares.
The European Union anti-monopoly agencies authorized the TNK-BP to purchase Slavneft stock last December.