|Page (1) of 1 - 12/14/11||email article||print page|
Russia's TNK-BP oil firm to invest $10 billion in Arctic oilfields
MOSCOW (AP) ' TNK-BP, a Russian joint venture of British oil giant BP, says it will invest up to $10 billion in developing Arctic oilfields.
The company, half-owned by BP and Russian billionaires, said in a statement Wednesday that up to $10 billion will be spent on building infrastructure at the fields and a pipeline that will link them with the export pipeline.
Russian oil companies have been drawing up plans to move to the oil and gas-rich Arctic as mature fields in Western Siberia are getting depleted.
TNK-BP said an agreement with Russia's pipeline monopolist Transneft will allow it to connect its Arctic oil fields to the export pipeline in Russia's Far East mainly aimed at Chinese customers.