Russian oil producer TNK-BP and petrochemical major SIBUR signed a
series agreements on strategic partnership between the
companies in the areas of production, refining and utilization of
hydrocarbon feedstock, the companies announced
The companies reached agreement on the indefinite
continuation of their Yugragazpererabotka gas
processing joint venture.
Contracts under the framework of the joint venture have been
extended through the end of 2026.
Additionally, SIBUR and TNK-BP said they agreed on SIBUR's
acquisition of a 25% share of the Zaikinsky gas
processing facility (Zaikinsky GPF) in 2013, following the
modernization and construction of new installations
Following SIBUR's entrance into the Zaikinsky GPF project, the companies will jointly
manage the enterprises and infrastructure, as well as invest in
capacity expansion and modernization.
Zaikinsky GPF and the associated infrastructure will
function as an independent joint venture.
The firms are also engaged in negotiations about SIBUR
possibly purchasing liquefied petroleum gas (LPG), the
production of which is envisioned on the framework of the
Both sides also said they intend to continue cooperation in
the area of TNK-BP's application of SIBUR's fuel component
products and other petrochemical products within the
framework of existing contracts.
"The successful work of our Yugragazpererabotka joint
venture allows us to look at our future partnership with
optimism," said Leonid Mikhelson, chairman of the board
of directors of SIBUR Holding.
"SIBUR continues to expand its resource base not only with
associated gas, but also through the processing of natural
gas in our petrochemical production.
Effectively, our companies are directly involved in the
important area of high-level processing of hydrocarbon
resources in Russia."
"The creation of the Yugragazpererabotka JV in 2007 has
enabled our companies to significantly increase the utilized
volumes of TNK-BP's associated gas, said German Khan,
executive director of TNK-BP.
The large-scale gas-refining projects in the Orenburg region and
the development of the Rospan assets will open up new
opportunities for our joint business and will efficiently solve
the problems of properly utilizing associated gas not only in
western Siberia, but also in other oil-producing regions of the
country, he added.