OREANDA-NEWS. July 10, 2007. The investment program of TNK-BP for 2007 will run up to $4 billion, said Viktor Vekselberg, Executive Director, Gas Business Development, TNK-BP, to the press.

Late last year TNK-BP announced that the volume of its investment program in 2007 will be $3.4 billion without possible acquisitions. However, in January 2007 TNK-BP bought the share of Occidental Petroleum (USA) in Vanyeganneft LLC for $485 million.

Mr. Vekselberg noted that the investment program is fairly ambitious. The company is sure that in 2007 it will stabilize its production and even increase it. In addition, the company is planning to develop its oil refining facilities.

“We have plans for moving to new markets outside Russia,” said Mr. Vekselberg and added that the company has worked out a 5-year plan of its development.

As reported earlier, in late June TNK-BP agreed to sell 62.9% of RUSIA Petroleum (operator of the Kovykta field) and 50% of the East Siberia Gas Company to Gazprom. The East Siberia Gas Company currently owns 11.29% of Verkhnechonskneftegaz. Knowledgeable sources with inside information reported earlier that the share of the East Siberia Gas Company in Verkhnechonskneftegaz will be sold to the Rosneft and TNK-BP, the largest shareholders of Verkhnechonskneftegaz.