Russian state oil firm hires TNK-BP executive

RUSSIAN STATE firm Rosneft has hired a former TNK-BP executive to run its refining and marketing businesses, sources close to the companies said yesterday, bolstering a management team as BP pursues the sale of a stake in the country’s third-biggest oil producer.

Rosneft, which sources say is interested in buying the British company’s 50 per cent stake, has hired Didier Casimiro, who headed TNK-BP’s Ukrainian business and worked previously for BP.

Sources close to Rosneft, Russia’s largest oil firm, also said Dmitry Avdeyev, co-head of investment banking at Morgan Stanley in Moscow, was a possible candidate to join a succession of alumni from Morgan Stanley to manage the finances of Russia’s largest oil producer.

The moves come as BP said it would pursue the sale of its stake in TNK-BP – estimated to be worth about $30 billion – after receiving expressions of interest. Sources said BP had been approached by state energy holding company Rosneftegaz, which controls a stake of more than 75 percent in Rosneft.

If successful, the deal would help Vladimir Putin’s campaign to strengthen state control over natural resources weeks after his return to the presidency.

The sale process gives the quartet of billionaire shareholders that owns half of TNK-BP up to six weeks to consider whether to buy BP out of its stake in the highly profitable but conflict-ridden Russian venture. That would be followed by three months of “good-faith” sale talks in which BP could also negotiate with other buyers.

Gazprom, Russia’s state gas export monopoly, has yet to rule out bidding for BP’s stake. Alexander Medvedev, deputy chairman of the company’s management committee, said in Kuala Lumpur he had no plans as of now to pounce on the stake but would wait to see the details of the sale.

Mr Casimiro “has been working [at Rosneft] for almost a month”, said one source close to Rosneft. A source close to TNK-BP said his departure from was not linked to the sale of BP’s stake, which has provoked new conflict between the British major and its local partners in the 50-50 joint venture.

If Mr Avdeyev is appointed, it would be the first major hire since former deputy prime minister Igor Sechin took over as chief executive two weeks ago. – (Reuters)