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TNK-BP Meeting July 20

TNK-BP shareholders are slated to meet on July 20, TNK-BP's chief financial officer Jonathan Muir told journalists on Thursday, Interfax reported.

He did not specify whether this would simply be a shareholder meeting or a full-fledged board of directors meeting, noting that the specific scheme of the meeting has not yet been determined. Muir said that he has not yet seen a final agenda but knows that it might possibly include a discussion of the full-scale development of Rospan gas and condensate unit.

At the moment, TNK-BP's board of directors is unable to conduct meetings until new independent directors have been elected to replace those who resigned, former German Chancellor Gerhard Schroeder and ex-chairman of the board of directors of Rio Tinto James Leng. In order for a quorum to be reached, there need to be 11 directors on the board, including three independent.

The TNK-BP corporate model still works, and the company is continuing to develop, Muir said.

(MT)

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