MOSCOW, April 8 (UPI) -- Russian-Anglo venture TNK-BP announced plans to upgrade and revitalize its power generation facilities in Russia through a $700 million investment.
TNK-BP said it plans to build a new 37-megawatt gas-turbine power facility in the oil-rich Khanty-Mansiysk Autonomous District and a 70 MW facility in the Urals Federal District by 2012.
Under consideration are power plants for the Orenburg region and for the Yamal fields, the company added.
Pavel Strunilin, a vice president for power at TNK-BP, said high-energy efficiency was a strategic goal for his company as it tries to maintain development in new oil and gas provinces in Russia.
"We invest to develop captive power generation in order to improve hydrocarbon production and processing performance," he said. "Within ten years, TNK-BP plans to satisfy more than 50 percent of its own power requirements."
TNK-BP said in the statement that its "key objective" was to increase power generation while minimizing the risks tied to power shortages in oil production regions in Russia.
