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Tuesday, 02 December, 2008, 03:10 GMT | more >>

TNK-BP ups power in Siberia



By Upstream staff 

Russian oil company TNK-BP will pay $320 million to acquire 25% in a gas and power joint venture in Siberia with power generator OGK-1.

OGK-1, which will hold 75% of the venture, will in turn commit two existing blocks of its West Siberian Nizhnevartovsk heating power plant with a capacity of 1600 megawatts.

The two companies will also jointly build a new block with capacity of 800 megawatts to meet growing regional electricity demand, allow TNK-BP to power its facilities and make use of its increased gas output as it plans to stop flaring it.

TNK-BP will guarantee increasing deliveries of gas to the plant to 4.2 billion cubic metres a year from the current 3 Bcm and aims to consume all new power output.


Friday, 28 September, 2007, 14:40 GMT  | last updated: Friday, 28 September, 2007, 14:41 GMT

Gas and power venture: TNK-BP
 

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