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Russian state will not interfere in TNK-BP conflict

September 15/2011

(RIA Novosti) -- Russian-British joint venture TNK-BP will invest USD 45 billion in oil extraction and USD 4 billion in oil refining in the next 10 years, TNK-BP Executive Vice-President Stan Miroshnik said on Thursday. "The implementation of our strategy in oil extraction will require a USD 45-billion investment over the next ten years. In oil refining, which is our second priority, we'll invest USD 2.5 billion in raising its quality and USD 1.5 billion in marketing," Miroshnik told a congress of TNK-BP contractors.

TNK-BP will implement measures to maintain oil output in West Siberia but the company's new strategy for the next ten yeas will focus on international projects to yield from 40 to 90 mln barrels of oil a year in its oil output, he said.

Gas production will also be a top priority for TNK-BP in the next ten years and the company plans to build up gas extraction to 35 billion cubic meters in the next ten years, he said.

TNK-BP plans to increase oil and gas production on the Yamal Peninsula in the Russian Arctic in the next ten years while production in West Siberia will gradually decline, Miroshnik said.

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