TNK-BP Expects Medium-Term Growth Of Production Owing To Uvat & Russkoe Fields Development In Russia

Published: 14-Oct-2009

OAO TNK-BP Holding (TNK-BP) is expecting a significant medium-term increase of its production owing to development of the Uvat and Russkoe fields, ITAR-TAS reported. Production of TNK-BP in 2009 will exceed the plan by 4%.

Mikhail Fridman, Head of Alpha Group and Interim Chief Executive Officer of TNK-BP, “In the coming years, our production is expected to grow substantially, by dozens of percent, owing to development of two large fields – the Uvat and Russkoe fields and modernization of the Saratov Oil Refinery.”

Fridman noted that “The results are very decent. According to our forecasts, the production will grow by 4% this year, which is much more than the average in the country,” stressed he.

According to Fridman, about 50,000 people work in the company now, no jobs have been cut, and the number of jobs will increase with development of these new fields.

“What about the possibility of making investments?” asked Dmitry Medvedev, President of Russia. In Fridman’s opinion, “the current taxation system allows making efficient investments, but less than in previous years,” and “this depends on financial management.”

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