TNK-BP is a vertically integrated oil company established in September 2003 as a result of the merger of Russian companies TNK (Tyumen Oil Co.) and SIDANCO with the majority of BP's Russian oil assets. The company is owned equally by BP and a group of Russian investors: Alfa Group, Access Industries, and Renova (AAR). The shareholders of TNK-BP also control 50 percent of Slavneft and this interest will eventually be integrated into TNK-BP.
TNK-BP is headquartered in Moscow and is governed by a multinational management team, which consists of Russian and international executives who have worked in more than 50 countries worldwide. TNK-BP's strategy envisages annual capital investment of approximately $1.5 billion until 2007, excluding potential spending on acquisitions.
This complex joint venture integrates people, processes and technology. PwC has advised TNK-BP on corporate governance processes involving their capital investment activities. We have also mapped, tested, and analysed a number of business process and control activities across the organisation as the joint venture continues to integrate its operations. Our team is comprised of members representing a wide variety of disciplines and has drawn upon the talents of energy specialists across Europe.
The main goal of TNK-BP's five-year strategy is to maximise the long term value of the company. Our analysis and recommendations have contributed to two of the company's key strategic goals: