OREANDA-NEWS. December 21, 2009. The Bank of Moscow has provided bank guarantees to a total amount of 1,76 billion rubles for the period of October-November 2009 to the benefit of the Central Energy Customs of the RF Federal Customs Service and in favour of OJSC TNK-BP Holding. These guarantees secure the company's obligations in observance of the customs regime provisions on oil and oil products processing outside the customs territory of the Russian Federation.

"Through providing guarantees to TNK-BP, one of the largest oil companies in our country, the Bank of Moscow contributes to the effective management of the company's financial resources and the general growth of its business", - says Vladimir Fyodorov, the Vice-President of the Bank of Moscow.

Reference Note:

ТНК-BP (www.tnk-bp.ru) is the third largest Russian oil company owned by BP and AAP (the consortium of Alpha Group, Access Industries, Renova Group) on parity basis. TNK-BP owns almost 50% of the stocks of another Russian oil and gas company — OJSC NGK Slavneft.

The oil output of TNK-BP accounts for about 16% of Russia's total oil production volume (including the TNK-BP share in Slavneft's output). On 31 December, 2008 the volume of the TNK-BP proven reserves, according to the SEC standards (with the depletion periods taken into consideration) stood at 8,1 billion BOE. The company's activities in oil prospecting and production are concentrated in Western and Eastern Siberia and the Volga-Urals region.

TNK-BP owns and runs 5 oil refineries located on the territory of Russia and Ukraine and effects retail sale of oil products via a marketing network consisting of 1,4000 petrol-filling complexes operating under the BP and TNK brands.