TNK-BP and BNP Paribas Agree on Cooperation under Kyoto Protocol
TNK-BP and BNP Paribas today signed a Memorandum of Understanding on cooperation under the Kyoto protocol to the UN Framework Convention on Climate Change dated December 11, 1997.
TNK-ВР and BNP Paribas intend to jointly implement projects aimed at increasing the economic efficiency of associated pertroleum gas utilization at TNK-BP oil fields in Russia.
As a first step towards practical realisation of the MoU, TNK-BP and BNP Paribas signed a contract which provides for the sale of Emission Reduction Units generated within the “Samotlor gas gathering” project framework. TNK-BP has successfully commissioned five vacuum compressor stations at Samotlor oil treatment facilities which allows utilisation of 90 million cubic metres of associated gas during the final stages of the oil separation process.
In early 2010, TNK-BP and BNP Paribas are planning to consider further options for potential cooperation in the Orenburg region, including associated gas utilisation at the Vakhitovskoye oil field and construction of the Rodnikovskaya power plant.
“The memorandum which we signed today with BNP Paribas creates new future opportunities and allows us to be more efficient in planning our associated gas utilisation programme for the next few years,” said Victor Vekselberg, Executive Director of TNK-BP. “Sucessful cooperation in this area is a powerful driver for attracting investment in the Russian economy and will demonstrate Russia’s growing integration in the global economic community. We are pleased that the emission reduction purchase contract with regard to associated gas utilisation at the Samotlor oil field will provide a material contribution to implementing an intergovernmental agreement between Russia and France on joint execution of projects under the Kyoto protocol.”
Notes for editors
TNK-BP is one of the largest vertically integrated Russian oil and gas companies. In 2011, average daily oil production totaled 1.99 million barrels per day (including a 50% interest of Slavneft and Venezuela assets). TNK-BP operates five refineries (four in Russia and one in Ukraine) and nearly 1,388 branded retail outlets (including Ukraine and Belarus).