Russia's TNK-BP to invest $10 Bln in Arctic
MOSCOW (AP) — TNK-BP, a Russian joint venture of British oil giant BP, said Wednesday it will invest up to $10 billion in developing Arctic oilfields.
The company, half-owned by BP and Russian billionaires, said in a statement 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.
TNK-BP will be able to ship oil through the Zapolyaryev-Purpe pipeline, which is expected to be built by 2016 to become a key link between Arctic resources and the main east and westbound pipeline routes.
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http://finance.yahoo.com/news/russias-tnk-bp-invest-10-125733837.html
