The company said it will undertake a radical restructuring of its operations in the country due to losses at Lisichansk Refinery, known as Linik, reports The Telegraph.
TNK-BP Ukraine reported a loss of $68m in 2010 and $23m in 2011.
The move will see Linik singled out as a separate business with TNK-BP concentrating on its marketing and retail operations in the country.
Production at Linik was halted in March for repairs for an indefinite period of time.
Linik has refined nearly 25% of Ukrainian supplies in 2009 which were down to 13% in 2011 because of cheaper imports from Belarus.
The reorganized business structure is expected to be approved by this May and be effective from July.
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