Europe

A joint venture between BP and a group of Russian billionaires, represented by the Alfa-Access-Renova consortium, TNK-BP is currently recognised as the country’s third-largest oil producer in terms of reserves and crude oil production. BP’s stake in TNK-BP is believed to be worth between $25 billion and $28 billion. It is thought that, as part of any deal, BP would receive a stake of up to 20 percent in Rosneft.

New research from Ricoh reveals 79 percent are unable to maximise technology.

Ageing back office legacy systems are holding back 79 percent of European businesses from fully streamlining their business critical document processes, according to new research published this week by Ricoh Europe.

Founder and president Paolo Trocca talks about an engineering company that has made a name for itself in the Middle Eastern oil business by playing it straight.

There is an oil and gas industry in Italy – but not much of one. In 2008, the BP Statistical Energy Survey estimated oil production there at an average of 121,000 barrels of crude oil per day or 0.15 percent of the world’s total.

Chief executive officer Daniel Szasz talks about how the company is contributing to the development of Macedonia’s telecommunications industry.

In the years since gaining independence from the former Yugoslavia, Macedonia has undergone considerable economic reform. In fact, its development of an open economy saw the country ranked as the fourth ‘best reformatory state’ out of 178 countries rated by the World Bank in 2009.

Following the recommendation of Xstrata’s board of directors to its shareholders to back the merger terms offered by the commodities trader, a vote will now be held on whether to accept the offer of 3.05 Glencore shares for every Xstrata share.

Should said offer by accepted, the merger is expected to bring together the respective strengths of the two companies, thus creating a unique natural resources company boasting a virtually unparalleled level of experience, industry know-how and expertise.

Since Hungary emerged from Soviet control, Magyar Telekom has been making rapid progress towards sustainability, recently earning an A+ rating from the Global Reporting Initiative. 

After more than four decades of Soviet control, the late 1980s saw a whole swathe of Eastern Bloc countries again become the masters of their own destiny. In Hungary, the transition occurred in 1989 and within just a few months, the country’s infrastructure was being modernised.

Despite what it admits have been challenging economic times, the company’s like-for-like sales have risen 3.7 percent during the three months to 23 September.

Established in the UK since the opening of its first store in 1985, as of 23 September, Domino’s is able to boast ownership of 748 stores in the UK and Republic of Ireland. Total sales for the group over the aforementioned three month period rose 7.9 percent to £136.4 million.

Whisky combined with driving is generally frowned upon, but in a new initiative experts in Scotland have found an innovative use for distillery by-products.

In what is a world first, a deal has been signed to turn by-products from a Scottish distillery into fuel for cars.

By linking up with Celtic Renewables, a spin-out company from Edinburgh’s Napier University, the Tullibardine distillery in Perthshire plans to use bacteria to feed on the “leftovers” of the whisky making process. This will produce butanol that can be used to fuel vehicles.

One of Turkey’s most important home-grown mining companies is weathering the decline in demand for chromium ore and continuing to supply its customers year-round.

European pharmacy chain Alliance Boots has signed a strategic deal with China’s Nanjing Pharmaceutical Company, it has been announced.

Under the terms of the deal, Alliance Boots will acquire a 12 per cent stake in Nanjing Pharmaceutical for approximately £56 million (RMB560 million). On completion of the transaction, Alliance Boots will be the second largest shareholder in Nanjing Pharmaceutical with board and operational management representation. Nanjing Pharmaceutical Group Limited will continue to be the largest shareholder in the Chinese company.