OREANDA-NEWS. January 16, 2007. The investment program of TNK-BP for 2008 is estimated at $4 billion. TNK-BP is planning to increase its oil production next year by 1–2% through and development of new fields. The company is going to make massive investments into modernization and expansion of its oil-refining facilities, reported the press-centre of TNK-BP.

In response to the growing demand for high-quality oil products, TNK-BP will invest $1–1,5 billion in the next five years into growth of its oil-refining facilities, said Anthony Considine, Executive Vice President, Downstream, TNK-BP.

TNK-BP is expecting a sharp growth of demand for high-octane gasoline in the nearest years in the wake of the steadily increasing number of modern vehicles in Russia. In the last five years, the demand for high-octane gasoline in Russia is increasing by 9% a year, whereas the demand for lower-octane gasoline is decreasing. Mr. Considine predicts that, in about 15 years from now, gasoline A-95 will account for approximately 75% of fuel production in Russia as compared to current 25%. “We need considerable investments into production,” added Mr. Considine, “and plan to invest approximately $1–1,5 billion in the nearest five years.”

The company intends to expand and modernize its Ryazan Refinery and Saratov Refinery as well as Yaroslavnefteorgsintez owned by TNK-BP together with Gazpromneft.

The annual volume of oil refining will grow from 15,3 to 17 million tons at the Ryazan Refinery and from 6,2 to 7,5 million tons at the Saratov Refinery. The production of fuel oil will drop from 30% to 25% in Ryazan and from 40% to 30% in Saratov.

Since its inception in 2003, TNK-BP has increased its oil production by nearly 30%. Beginning from the next year, the company is expecting further growth of its production by 1–2% through development of new fields.

“We are investing into new fields,” said Robert Dudley, President and CEO of TNK-BP, “and working for maintaining the production level in the Samotlor field – the main field of the company. We are also implementing other major projects, such as the Uvat project and the project of development of the Kamennoe and Verkhnechonskoe fields.” The investment program of TNK-BP in 2008 is estimated at $4 billion.