 |
December 12, 2007 |
|
|
|
 |
TNK-BP HOLDING: To Invest US$1.5 Billion in Oil Refining TNK-BP Holding Ltd. will invest up to US$1.5 billion in oil refining to produce more high-octane gasoline, Bloomberg News relates. "We're looking at the next generation of investments," Tony Considine, TNK-BP executive vice president for downstream, was quoted by Bloomberg News as saying. Mr. Considine revealed that TNK-BP has at least US$1 billion in investment opportunities over the next five years to improve product quality and boost output, Bloomberg News relates. The vice-president said the increasing demand for modern cars in the Russian market also signifies higher demand for high-octane gasoline fuel, Bloomberg News reports. "Octane pressure is probably the biggest issue for the refining industry going forward," Mr. Considine said. "Upgrades will allow refineries to tap European markets." Mr. Considine said that TNK-BP's Ryazan refinery will hike its throughput to 17 million metric tons yearly while its Saratov refinery will process up to 7.5 million tons a year. About TNK-BP Headquartered in Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * TNK-BP International Ltd. carries BB long-term foreign and local currency ratings and B short-term foreign and local currency ratings from Standard & Poor's. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Europe. To receive the Full TCR-EUR please CLICK HERE.
