Results of TNK-BP's Board of Directors Meeting

Sep 26, 2011, 14:19 ET from TNK-BP

MOSCOW, Sept. 26, 2011/PRNewswire-USNewswire/ -- The Board of Directors of TNK-BP Limited, the main holding company of TNK-BP Group, held a regular board meeting on 23 September, 2011.

The Board reviewed TNK-BP performance in 2011 and noted that increased production and refining volumes as well as favorable market conditions have enabled the Company to deliver robust results year to date.

The Board of Directors was briefed on the status of major projects, including the development of the Uvat and Verkhnechonsk greenfields, which are progressing according to plan. Additionally, the Board was given an update on inorganic business development opportunities.

The Board supported TNK-BP's acquisition in Brazil, subject to the finalization of certain commercial and legal aspects of the transaction.

The Board approved payment of an additional dividend for the first half of 2011 in the amount of $1.25 billion.

Dr. Anthony Hayward, a BP-appointed director, informed the Board that he would step down from the TNK-BP Board of Directors in order to pursue other opportunities. The Board accepted his resignation, while at the same time recognizing the significant contribution Mr. Hayward has made to TNK-BP's development.

Mikhail Fridman, Executive Chairman of TNK-BP Ltd. said, "We are immensely grateful to Tony Hayward for the outstanding contributions he has made to TNK-BP. Tony has served on the Board twice, for five years from the Company's inception as well as this past year, during which time he has played an integral role in making TNK-BP the successful business it is today. I am confident that his future endeavors will be successful and fulfilling."

A replacement for Mr. Hayward will be appointed to the Board in due course, at which point the Company will make a separate announcement.

The Board did not discuss any senior management appointments in TNK-BP.