Romanian businessman Frank Timis collects more than EUR 150m from BP for a stake in Senegal

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The oil company Timis Corporation, owned by Romanian millionaire Frank Timis, has sold its 30% stake in two offshore oil exploration blocks in Senegal to British Petroleum (BP) for more than EUR 150 million, according to sources quoted by several African publications, informs.

The Timis Corporation had taken on lease 90% of the natural gas exploration blocks called Saint-Louis and Cayar from the Senegalese state in 2012. Two years later, in August 2014, the businessman sold 60% of the stake to the US company Kosmos Energy. The deal was valued by the African media at about EUR 300 million. In December 2016, BP bought the operating rights from Kosmos Energy for 32.49% of the two Senegalese blocks.

Following the transaction between BP and Frank Timis, the two exploration areas are owned by BP in a share of about 60%, Kosmos Energy about 30% and the Senegalese state 10%.

The two blocks include the Senegalese part of the Tortue cross-border area, which has deposits of over 420 billion cubic meters of gas.

Businessman Frank Timis has been caught up in a series of legal issues lately, emerging from the insolvency of the African Minerals iron ore producer. The company, which six years ago had the highest capitalization on the alternative market of the London Stock Exchange, is assaulted by creditors.

Frank Timis has a wealth estimated at EUR 270-280 million in the latest edition of Top 300 Capital, ranking 11th in the top. As a result of this transaction, his wealth increases by over 50%. In 2012, Frank Timis was considered the richest Romanian by the ‘Capital’ magazine.

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