TNK-BP International Ltd. Jul 06
- ID: 1821942
- July 2006
- Region: Global
- Standard & Poors
One of the largest, most profitable, vertically integrated Russian oil companies High share of dollar-denominated crude oil and product export revenues Management and operational support from 50% owner BP Strong corporate governance Current substantial financial flexibility, moderate financial policy Country-risk associated with operating in Russia and oil-industry-specific risks 50% foreign ownership, which may limit access to strategy reserves Sustained high Russian cost inflation, which will weaken profitability in a normalized oil price environment Heavy capital expenditure program ahead, resulting in limited free cash flows The ratings on TNK-BP International Ltd. (TNK-BP) reflect its position as one of the largest Russian vertically integrated oil companies. Above-peer profitability underpinned by a high share of dollar-denominated crude and product export revenues, current substantial...
Companies mentioned in this report are: TNK-BP International Ltd.,BP PLC,TNK-BP Ltd.,TNK-BP Finance S.A.
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