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TNK-ВР to Invest About $10 Billion into its Ukrainian Assets

ТНК-ВР intends to invest about 10 billion American dollars into its Ukrainian assets within the next 10 years. This was announced today in Kiev by the TNK-BP Commerce Vice-President on Sales, Trading and Logistics Elena Alekseeva in the course of the third international conference Petroleum Ukraine 2011. She specified that these funds are to be spent on increasing the oil refining efficiency at the Lisichansky oil refiner, completing the fuel quality raising projects, new development plan for the filling stations network and the reconstruction of the petroleum storage depot.

The Ukrainian business of TNK-BP in the total EBITDA index summarizing the results of the nine month of 2011 comprises about 1% (approximately 100 million dollars).

“We are planning to develop the company’s assets under certain conditions”, — Ms Alekseeva added. According to her, the company hopes that “Ukraine will create the conditions for oil refining businesses to develop”. TNK-BP is going to take part in any discussion of any possible measures for supporting the oil refining industry.

At the same time the representatives of the Ministry of Energy and Coal Mining of Ukraine report that the draft laws aimed at supporting the modernization of oil refineries and oil refining as a whole are being developed at the moment.

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