A worker fixes TNK-BP plate in the company's office at Schipok St., Moscow.
Photo: Alexey Kudenko
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TNK-BP to Dispose Of Buguruslanneft
TNK-BP is willing to sell one of the oldest crude oil producers of Russia’s Orenburg region, Buguruslanneft, TNK-BP President Robert Dudley told reporters Friday, explaining that disposal isn’t anything extraordinary for an oil company that buys and sells assets from time to time.
According to Mr Dudley, TNK-BP is selling Buguruslanneft not to leave but rather to develop production, as they plan to acquire other assets and licenses in future. The company is willing to boost crude oil exploration, production and refining in the Orenburg region, Dudley specified.
Buguruslanneft accounts for roughly 4 percent of TNK-BP’s output in the Orenburg region, which corresponds to between 670,000 tons and 680,000 tons a year.
The sale of Buguruslanneft won’t adversely affect the company’s employees. “A new investor will come, it will be working with authorities in any case, and we will endeavor to maintain social package of the enterprise,” said Orenburg region’s Governor Alexey Chernyshev. TNK-BP is an excellent partner for the Orenburg region, the governor pointed out, adding that the region’s interest is urging the company funnel more money into exploration and drilling and that TNK-BP apparently understands it.
TNK-BP will invest over $500 million in the Orenburg region this year, 40 percent up on year.
www.kommersant.com
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