Business

TNK-BP to cut investment by $0.5-1bln in 2009 - paper

11:23 09/12/2008

MOSCOW, December 9 (RIA Novosti) - TNK-BP, Russia's third largest oil producer, intends to cut investment by $0.5-1 billion to $3-3.5 billion in 2009 due to the global financial crisis, a business paper reported on Tuesday.

"The company is now considering an investment program in the amount of $3-3.5 billion. Capital expenditure has been calculated proceeding from the current tax situation and oil prices," the Russian-British joint venture told Kommersant.

TNK-BP's investment program for 2008 stipulates $4.4 billion in capital expenditure.

The company's shareholders are set to endorse the joint venture's investment program for next year on Thursday, Kommersant said.

TNK-BP, which is split 50-50 between BP and the Alfa Access Renova (AAR) consortium of four Russian billionaire shareholders, produced over 78 million metric tons (572 million barrels) of crude oil in 2007.

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<div style="border:1px solid #d3d3d3; padding:17px 0 0px 17px; background:#ffffff; width:510px;"><div style="width:100%; overflow:hidden;"><a target="_blank" href="http://en.rian.ru/business/20081209/118759665.html" style="text-decoration:none;"><img src="http://en.rian.ru/i/eng/logo_sml.gif" alt="RIA Novosti" title="RIA Novosti" style="float:left; margin-right:10px;" border="0" /></a><a target="_blank" href="http://en.rian.ru/business/20081209/118759665.html" style="color:#000000;text-decoration:none;display: block; margin: 0 10px 0 0 ;"><strong style="font:19px Georgia,Arial,sans-serif; line-height:16px; font-weight:bold;">TNK-BP to cut investment by $0.5-1bln in 2009 - paper </strong></a><p style="font:13px Georgia,Arial,sans-serif; padding:5px 10px 0px 0;"><span style="color:#5590bf;">11:23</span> <span style="color:#5590bf; padding-right:7px;">09/12/2008</span> <span style="font-size:12px;">TNK-BP, Russia's third largest oil producer, intends to cut investment by $0.5-1 billion to $3-3.5 billion in 2009 due to the global financial crisis, a business paper reported on Tuesday. <a target="_blank" style="color:#335f86; padding-left:10px; text-decoration:underline;" href="http://en.rian.ru/business/20081209/118759665.html" title="TNK-BP to cut investment by $0.5-1bln in 2009 - paper ">>></a></span></p><div style="padding:6px 0 15px 30px; font:10px Verdana,sans-serif;"><a target="_blank" style="color:#114472; text-decoration:underline;" href="http://en.rian.ru" title="RIA Novosti">Other news of the day</a></div></div></div>

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TNK-BP to cut investment by $0.5-1bln in 2009 - paper

11:23 09/12/2008 TNK-BP, Russia's third largest oil producer, intends to cut investment by $0.5-1 billion to $3-3.5 billion in 2009 due to the global financial crisis, a business paper reported on Tuesday. >>

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