OREANDA-NEWS. September 19, 2007.  TNK-BP will invest approximately $500 million into modernization of its refineries by 2009, said Robert Dudley, President of TNK-BP, in an interview to the Petroleum Information Agency (ANI) and the TV channel Vesti 24.

According to him, the company is implementing a large-scale program for modernization of its refineries, one of the largest programs in its history. “We have invested almost half a billion dollars into modernization in the last 3–4 years. We still have a series of lesser-scale programs to implement. In the nearest couple of years, we are going to invest another half a billion dollars into modernization of our refineries,” explained he.

“This program is aimed at having refining facilities capable of producing motor fuels of the highest quality in the vicinity of the Moscow market. The timing of this program is chosen correctly, and we are already getting positive results of the program,” said Mr. Dudley.

He emphasized TNK-BP’s decision that selling oil products in Russia is more profitable than exporting oil abroad. “In the current macroeconomic conditions, the market is ready to appearance of high-quality fuels. The growth of this segment is impressive, and it is worthwhile for us to concentrate on the internal market,” added he.