Board of Directors of TNK-BP Approves an Increase in Investment; Commends the Company’s Performance in the First Half of 2009
15 Jun 2009
TNK-BP today announced the results of a meeting of the Board of Directors of TNK-BP Limited, the ultimate holding company of the TNK-BP group of companies. The meeting was chaired by Mikhail Fridman, Executive Chairman of the Board of Directors of TNK-BP.
The Board discussed TNK-BP’s performance in the year to date and noted efficiency of the company’s operations as compared to the peer group which was a result of aligned teamwork, effective management, disciplined cost control and prudent financial approach.
Operational milestones in the first half of 2009 include the early commissioning of the Uvat project in the south of the Tyumen region, currently producing over 45,000 barrels per day; the startup of the Kamennoye North project in the Khanty-Mansiisk region; and completion of the major Ryazan turnaround on time and injury-free.
The Board approved an increase in TNK-BP’s organic investment in 2009 by US $377 million. The funds will be used to continue investment in TNK-BP’s strategic projects to ensure sustainability of production along with financing current operations and maintaining integrity of assets.
Members of the Board considered existing opportunities for inorganic growth and supported further search of value-adding assets in Russia and beyond that may profitably grow TNK-BP’s business.
“We are pleased with TNK-BP’s results in the first half of 2009. The company has continued to perform well and within budget in a challenging economic environment, “said Mikhail Fridman, Executive Board Chairman of TNK-BP, “Our current priority is to maintain a normal business mode of operations and ensure efficient coordinated work in the transition period of TNK-BP.”
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