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Russia's TNK-BP to invest $10 billion in Arctic
Russia's TNK-BP oil firm to invest $10 billion in Arctic oilfields
By The Associated Press

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.


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