TNK-BP, the country’s third-largest oil producer, plans to invest $1.3 billion over the next five years to modernize refineries in Russia and Ukraine, a senior executive said Thursday.
Didier Baudrand, TNK-BP executive vice president downstream, said the upgrades would be implemented at refineries in Saratov and Ryazan, as well as in Ukraine, where it controls the Lysychansk refinery.
The modernizations will improve refining margins and allow the company to comply with safety laws and regulations, he said. Asked whether TNK-BP planned to acquire more refineries, Baudrand said, “We want to be present in areas where demand is significant.”
Baudrand said that after the financial crisis he expected demand for fuel in Russia to increase by about 5 percent per year in the longer term. “As people get richer, they want to upgrade their cars. We want to be ready.”
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