The upstream projects include full field development and creation of regional infrastructure in Eastern part of the Uvat group of fields and further development of the Verkhnechonskoye oil field in East Siberia.
The investment in downstream projects is part of the $1.3bn fuel quality program endorsed by the board in October, 2009, and aimed at bringing the fuel produced by the company in line with new technical regulations.
In addition, the board of the company has confirmed the strategic interest to develop business in Ukraine and it plans to build up retail and marketing capabilities.
TNK-BP is 50% owned by BP and 50% owned by AAR (Alfa, Access Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia’s oil production (including its share in Slavneft).
