24 Sep 2009 17:12

TNK-BP could invest $3.5-$3.6 bln in 2009

KHANTY-MANSIISK. Sept 24 (Interfax) - TNK-BP is planning for capital investment of $3.5 billion-$3.6 billion in 2009, Anatoly Temkin, the company's executive vice president, said at a seminar in Khanty-Mansiisk on Thursday.

"At the end of the first quarter, it became clear that the dynamics have nevertheless smoothed out and no catastrophe occurred, and the investment plan was revised upward for the first time. Since the start of the year, the company's investment for this year has been increased by $600 million. If there isn't any further growth, then we expect investment to total $3.5 billion-$3.6 billion by the end of the year," he said.

The company is currently drawing up a development plan for the next three years that envisions further growth in investment, he said. By 2010, the company plans to return to the levels of 2008, he said.

In particular, investment will be spent on the development of oil production in the Khanty-Mansiisk autonomous district, the realization of products to utilize associated gas in the region and to reorganize and modernize plants that refine gasoline and diesel fuel, he said.