Company news in September 2008

TNK-BP, the third largest oil company in Russia, is trying to expand its activities to new regions. Recently, the company purchased three licenses for development of fields in the Astrakhan Region. Total investments into exploration and commercial development of these fields will exceed $1.8 billion.

One of the main TNK-BP goals is safety of its employees and absence of injuries and casualties at work. To attain this goal, the company has developed and approved Golden Rules of Safety.

In mid-September, TNK-BP started production of jet fuel TS-1 with sulfur content not exceeding 30 ppm at the CJSC “Ryazan Oil Refinery Company,” the press service of TNK-BP said to the Petroleum Information Agency (ANI).

The numbers tell the story. In 2008 TNK-BP had a record first half in terms of income, return on capital, shareholder value and taxes.

TNK-BP welcomes the emerging resolution of the dispute between its shareholders.

Final agreement between shareholders will enable the management and staff of TNK-BP to focus on the way forward for the company free of this significant distraction and the uncertainties around the company’s business plan and capital expenditure.