Moscow, 9 April 2012 – TNK-ВР informs that 10 meetings of Conflict Resolution Commissions for supplier and contractor relations were held in 1Q 2012 which reviewed 20 claims submitted by the existing and potential counterparties of the Company.
In 2012, TNK-BP will allocate $7.5 bln to purchase materials and services with 80% of the Company’s total orders for materials placed with Russian suppliers. The system of Regional Councils and Conflict Resolution Commissions which has been working since December 2010 is an efficient mechanism ensuring uniform and transparent rules for suppliers and contractors working with TNK-BP. The Commissions have ruled in favour of the counterparties in over 40% of the cases reviewed recognizing that their claims with regard to the Company were justified.
“The system of Conflict Resolution Commissions and Regional Councils is an efficient mechanism ensuring feedback from the existing partners and potential counterparties. TNK-BP efforts to develop a transparent competitive market of materials and services in the oil and gas industry are positively perceived by the market and our partners. The level of confidence in the Conflict Resolution Commissions and, consequently, their efficiency is growing, which is evidenced by the increase in claims submitted by our counterparties”, said Alexander Grabovski, First Deputy Vice President, Russian Government Relations – Vice-President, TNK-BP.
TNK-ВР has set up a consolidated web-based resource to cover the activity of Conflict Resolution Commissions – a forum for counterparty relations. Here you can find detailed information about the results of Regional Councils and Conflict Resolution Commissions activity as regards collection, review and reflection of statistical data relating to claims http://contractors-forum.tnk-bp.ru.
Information for editors:
TNK-BP is Russia’s third largest oil company and is owned by BP and the AAR consortium (Alfa Group/Access Industries/Renova) on a parity basis. Additionally, TNK-BP owns approximately 50% of the Russian oil and gas company Slavneft. TNK-BP’s share in Russia’s oil production (including its share in Slavneft) is about 16%. The Company’s total proved SEC LOF reserves are 9.115 billion BOE as of December 31, 2011.
References to “TNK-BP” or “the Group” mean “TNK International and the Company’s consolidated subsidiaries” unless the context requires a different reading.
For further information please contact:
Public Affairs Division: Tel. (495) 363-27-57