TNK-BP''s owners are getting ready for restructuring. Petroleum assets of the four companies, TNK, ONACO, Sidanco, and Slavneft, may be transferred to a holding registered in Russia, which will become a profit center.
Germany-based Oiltanking Deutschland GmbH together with TNK-BP is eyeing construction of a terminal to transship petroleum products in the port of Ust Lug, Leningrad Region, Grigory Dvas, Vice Governor of the Leningrad Region at a news conference in Interfax North West agency on January 26.
TNK-BP’s board of directors has set out over $1 billion per year in capital expenditure until 2005, in a strategic development plan approved last month. Capital spending will then start to rise as the company starts investing in greenfield projects.