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Business Brokerage BP Plc is likely to insist on a controlling stake in Russian oil firm TNK as a condition of the multi-billion-dollar investment it plans to make in the oil-rich nation's booming energy sector, analysts said on Monday.

A great deal of Russia%š mineral resources is owned by the state. The wealth generated by these is enabling the government to flex its weight on the international stage by shutting off its gas supply to Europe and reining in the operations of foreign firms such as BP%š actions that were unthinkable a few years ago.

Forex Broker Reuters broke news on Saturday that BP planned a Russian investment that was much larger than previously expected. The move would put the UK company at the helm of a firm worth $12 billion, adding a million barrels of oil and gas a day to its current two million output and making BP the world's top western producer.

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Online Brokerage The deal could end up as the largest single foreign investment in Russia's post-Soviet business history.

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Real Estate Broker Industry sources said at the weekend that an announcement could come this week. Russia is already the world's second biggest oil exporter, and is pursuing aggressive growth, but it has a century-old history of being a risky investment for western companies.

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Agency Brokerage Spark As part of the plan BP, currently the world's third-largest oil firm, would swap its existing 25 percent stake in Russian oil firm Sidanco against a significant stake in TNK International. TNK is Sidanco's much larger affiliate, owned by the same group of shareholders.

Real estate agents and brokers held about 347, 000 jobs in 1998. Many worked part time, combining their real estate activities with other careers. employed. Real estate is sold in all areas, but employment is concentrated in large urban areas and in smaller, but rapidly growing communities. Most real estate firms are relatively small; indeed, person business. Some large real estate firms have several hundred agents operating out of many branch offices. Many brokers have franchise agreements with national or regional real estate organizations. Under this type of arrangement, the broker pays a fee in exchange for the privilege of using the more widely known name of the parent organization. Although franchised brokers often receive help training salespeople and running their offices, they bear the ultimate responsibility for the success or failure of their firm.

Business Broker "Whatever scheme is chosen we can already be pretty sure that BP is going to insist on having at least operating control in TNK," said Paul Collison from Brunswick UBS Warburg.

Brokerage Account BP is scheduled to report its annual results and deliver a strategy statement on Tuesday.

Stock Broker BP's public relations agents in Russia, PBN, distributed a press release on Monday among international and local media with details of a conference call by BP Chief Executive John Browne, something PBN has never done before. In London on Monday, BP said, "We will not comment on this speculation."

Brokerage Online Stock Trading Listed Russian oil stocks climbed by up to three percent on Monday morning, and Russia's benchmark 2030 Eurobond reached a year high up 1/2 at 82-5/8, its year high, on hopes the move would encourage a wave of new western investment.

Broker Justin Ticket By 1346 GMT BP shares were up 1.4 percent at 385 pence.

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Commodity Broker Other analysts agreed that BP would insist on having a firm grip on the running of its acquisition if the deal goes ahead. "We believe that if the deal is to go through, it would most likely entail acquisition of a majority stake in TNK and not a blocking minority," said Aton brokerage.

Brokerage House BP bought a 10 percent stake in Sidanco in 1997 for $571 million, but the investment quickly became a major headache for the oil giant as TNK launched a hostile takeover bid against the firm, at the time controlled by the Interros financial group.

Real Estate Broker Exam The British oil company was forced to partially write down its investment in Sidanco, but the row was settled when TNK finally bought Sidanko from Interros and agreed to extend BP's ownership to 25 percent and give it management control.

Brokerage Services Those management rights over Sidanco expire this year.

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Online Brokerage Firm Analysts say BP believes Russia's investment climate has dramatically improved under President Vladimir Putin and it now considers Russia a key growth area.

Security Broker Dealer BP's shares have underperformed its peers in recent months as it struggles to keep production growth going in Alaska, the North Sea and the U.S. Gulf, where many of its fields are running out. Russia could be the answer to these problems.

Coldwell Banker Residential But BP still remembers its previous painful experience.

Freight Broker "BP's Sidanco experience has demonstrated all the potential pitfalls of minority ownership (in Russia), and we believe this time BP would seek a majority stake," said Aton.

Freight Brokerage Aton added that securing a majority stake in TNK was also very important from the financial reporting standpoint, because that would allow BP to fully consolidate the Russsian company on its own balance sheet.

Broker Lie Ticket Russia's fourth largest oil firm TNK International, which produces around 800,000 barrels per day excluding 350,000-bpd Sidanco, has a complicated shareholding structure.

4th Boost Brokerage By The holding, which is controlled 50/50 by Alfa, one of Russia's largest financial groups, and Russian-U.S. industrial group Access-Renova, controls two Siberian oil firms - Tyumen oil and Onako - as well as two medium-sized refineries.

Florida Mortgage Broker Alfa and Access-Renova also control 75 percent in Sidanco as well as 50 percent in the 320,000-bpd oil firm Slavneft, which the Russian government sold last December at a privatisation auction for $1.86 billion.

Insurance Brokerage The remaining 50 percent in Slavneft is controlled by Russia's fifth largest oil firm Sibneft.

Online Broker "The deal (between BP and TNK) may be complicated as TNK and Sibneft have not yet made a decision on the future of the Slavneft assets," said UFG brokerage.

Brokerage Company Aton said if BP agreed to consolidate TNK International only with Sidanco, the enlarged firm would reach 1.1 million bpd and reserves of 10.6 billion barrels, making it Russia's third largest producer and one of the world's top 10 oil companies.

Broker Lonely Ticket It said the enlarged firm could be valued at as much as $11.8 billion.

Commodity Brokerage Reuters - 2/10/2003

Topic: Petroleum Industry

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