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TNK-BP in Power Talks

TNK-BP is holding talks with state-controlled utility Inter RAO, power-plant builder Technopromexport and Summa Group, an investor in ports and construction, to set up an electricity-generation venture.

TNK-BP may allow a partner to hold 75 percent to 100 percent, while supplying the fuel and getting guaranteed power supplies, Konstantin Konstantinov, director of the company's power development department, told reporters Wednesday. The companies are considering a pilot project to build power plants at new oil and gas deposits, he said.

TNK-BP will decide on a partner in a year or two, Mikhail Slobodin, executive vice president for gas and power, said at the briefing. TNK-BP plans to invest $1.2 billion to $3 billion in generating assets by 2020, he said.

(Bloomberg)

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