Company news in September 2004 | |||
Russian Government May Approve of the International Feasibility Study for the Kovykta Project by the End of 2004
The Russian Government may approve of the international feasibility study for the Kovykta Project by the end of 2004, informed TNK-BP’s Vice President Alistair Ferguson at a briefing on September 15. IFS has been finalized in November 2003. According to A. Ferguson, TNK-BP will invest more than $200 million in Kovykta’s development in 2004, and the investments are to reach $200 million in 2005. However, the next year’s investments are subject to approval of the project by the Russian Government, according to the Vice President. Investments planned for 2005 will be channeled towards the regional project to gasify the Irkutsk Region and towards the project for Kovykta’s gas export. According to A. Ferguson, non-preparedness of the domestic and external gas markets has hindered the project’s development so far. Currently a regional market has emerged and is connected with the project to gasify the Irkutsk Region (its implementation is scheduled to start in 2006).
Source: Sibirskiye Novosti Russian Information Agency