OREANDA-NEWS. Irkutsk Oblast administration represented by Governor Aleksandr Tishanin and the TNK-BP company represented by its Executive Director Viktor Vekselberg have signed an agreement on social and economic cooperation that will enhance bilateral relationships on a stable and mutually advantageous basis.

The cooperation between Irkutsk Oblast Administration and TNK-BP is aimed at the further development and diversification of the region’s production and social infrastructure as well as at creating new jobs and improving living standards.

Under the agreement, TNK-BP undertakes responsibility for funding environmental projects and sponsor social projects on the company’s area of operation.

The agreement foresees the creation of a new large oil-extracting area in the north of the Irkutsk Oblast based on the Verkhnechonskoe oil field.

The Oblast administration jointly with TNK-BP are implementing a utility gas pipe-laying project on the Oblast territory, with investment expected to reach $659 million in 2006-2009.