OREANDA-NEWS. December 06, 2007. TNK-BP is going to invest $1–1,5 billion into refining in the nearest 5 years (2008–2012), said Anthony Considine, Executive Vice President, Downstream, TNK-BP, to the press, reported the press-centre of TNK-BP.

“Investments will be made into integration of new-generation refining facilities. A final decision on these investments will be made in 2008,” said he.

Mr. Considine explained that these investments include modernization of Yaroslavnefteorgsintez, the Ryazan Refiner, the Saratov Refinery, and a number of refining facilities in Ukraine.

These investments will make it possible to increase the oil conversion depth and production volume, added he. For example, the Ryazan Refinery will increase the refining volume to 17 million tons a year (compared to the current 15,3 million tons a year – ANI), and the Saratov Refinery will increase its refining volume to 7–7,5 million tons a year (from the current 6.2 million tons a year – ANI).

Mr. Considine said that in 2007 TNK-BP implemented two major refining projects. In particular, the company invested $50 into modernization of the Ryazan Refinery and increased the refining capacity of the Saratov Refinery.

According to the Vice President, the company is going to extend its influence on the retail market of oil products and continue purchasing land plots for construction of fuel stations in regions, as it is doing in the Krasnodar Krai now. In 2007, the company introduced 155 fuel stations under the TNK-BP brand and opened the first two fuel stations in Saint Petersburg under this brand. In 2008, the first fuel station under the BP brand will be launched in Ukraine.

At the same time, answering a question about investments of the company outside the Russian Federation and Ukraine, Mr. Considine said: “We are always considering various possibilities for expanding our Upstream and Downstream divisions. Investments must first of all pay off. So far, we have no plans to invest into refining abroad.”