TNK-BP holding, which unites the Russian assets of BP and
Russia’s Alfa Group and Access/Renova (AAR), plans to export 46% of its 2003 oil output, the head of the holding’s investment department, Andrei Kushnarev, has said. Kushnarev said the company also plans to export 40% of its oil product output. If oil prices drop significantly, he said, the company will cut its export projections. Kushnarev added that the Sidanco company will remain a part of TNK-BP holding as an independent entity managed by the holding. TNK-BP says it will focus its foreign investments in CIS countries, including Ukraine and possibly Belarus, he said without elaborating. Kushnarev said the company may also try to enter the Eastern European market, but will have to compete with large foreign companies. TNK-BP will produce 1.2 million barrels of oil per day and its reserves are estimated at 5.2 billion barrels. BP and Russia’s Alfa Group and AAR, one of Russia’s largest privately owned financial-industrial conglomerates, agreed to form the TNK-BP holding in February. Each side has a 50% stake in the holding.