TNK-BP
TNK-BP is a major Russian vertically integrated oil and gas company, established in September 2003 as a result of the merger of Russian companies TNK (Tyumen Oil Co.) and SIDANCO with the majority of BP’s Russian oil assets.
The company is 50% owned by BP and 50% by a group of prominent Russian investors: Alfa Group, Access Industries and Renova (AAR). The shareholders of TNK-BP also control 50% of Slavneft. This interest will eventually be integrated into TNK-BP.
TNK-BP is headquartered in Moscow and is governed by a multinational management team, which consists of Russian and international executives who have worked in more than 50 countries worldwide. The team combines the best of Russian and international talent and experience and includes executives from BP, TNK, SIDANCO and other international companies.
Today, TNK-BP is one of the largest Russian oil companies (by production). The company employs 71,000 people and operates in nearly all of Russia’s major hydrocarbon regions, including:
- West Siberia (in the Tyumen, Khanty-Mansiysk, Yamal-Nenetsk and Novosibirsk Regions);
- Volga-Urals (in the Orenburg and Saratov Regions and the Republic of Udmurtia);
- East Siberia (in the Irkutsk Region).
In 2006, average daily oil production totaled 1.7 million barrels per day or approximately 620 million barrels of oil equivalent per year (excluding a 50% interest of Slavneft).
TNK-BP operates five refineries in Russia and Ukraine, and markets products through 1,600 service stations operating under TNK and BP brands. The TNK brand has recently undergone a makeover resulting in a new look for the TNK retail sites. The goal was to create a distinct identity and position the brand in such a way as to increase customer trust and loyalty. Through its retail network, TNK-BP is among the market leaders in petroleum product sales in European Russia, including Moscow, and is the market leader in Ukraine. In 2006 TNK-BP also began production of premium gasoline and diesel fuel grades under the BP Ultimate brand.
As of 31 December 2006, TNK-BP’s proved reserves were 7.810 billion barrels (liquids only) of oil equivalent on the basis of US SEC standards, and 8.949 billion barrels (liquids only) under SPE standards. The audit results do not include reserves or resources associated with the ownership of 50% of Slavneft by the shareholders of TNK-BP. Nor do they include any figures for gas.
Capital invested in 2006 amounted US $2.6 billion, while planned capital invested in 2007 amounts to US $3.4 billion.
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