RusEnergy

RBC, 14.01.2005, Moscow 16:36:55.The conversion of shares in TNK, ONACO and SIDANCO into shares in TNK-BP Holding is scheduled for the second six months of 2005, a TNK-BP Holding representative said at a news conference in Moscow today. The official added that extraordinary meetings of shareholders of those companies had been scheduled for March 1, 2005 to discuss their incorporation into TNK-BP Holding. In the event shareholders approve this reorganization, shares of those who will vote for the incorporation will be converted into shares in TNK-BP Holding. Shareholders who will vote against this decision or abstain from the voting will be entitled to demand that their shares be bought back. The process of buying back shares from such shareholders is expected to finish in May 2005. TNK-BP Holding's official pointed out that the Boards of Directors of TNK, ONACO and SIDANCO had set the conversion rates and prices for buying back TNK, ONACO and SIDANCO shares on the basis of an independent appraisal by Deloitte, performed in accordance with Russian law. According to the representative, TNK-BP Holding plans to offer minor shareholders in 14 major industrial subsidiaries of TNK-BP to swap their shares for shares in TNK-BP Holding. The official added that this offer would be announced in the third quarter of 2005.