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CORRECTED - Russia TNK-BP sees '11 capex $4.6 bln
December 24, 2010 / 8:37 AM / 7 years ago

CORRECTED - Russia TNK-BP sees '11 capex $4.6 bln

(Corrects the date in the 4th paragraph to 2011 from 2010)

MOSCOW, Dec 24 (Reuters) - Russia’s No. 3 oil producer, TNK-BP TNBPI.RTS, plans to increase hydrocarbon output by 1.3 percent in 2011 and raise capital expenditure by 15 percent to $4.6 billion, the company said in a statement on Friday.

TNK-BP, half-owned by British major BP (BP.L) said the board of directors approved the 2011 business plan that sees hydrocarbon production at 715 million barrels of oil equivalent, a 1.3 percent increase over production in 2010.

The board also accepted the resignation of TNK-BP’s executive director Viktor Vekselberg from Jan. 15, 2011 and said that Maxim Barksy’s appointment as TNK-BP CEO will be delayed until sometime in 2011.

The company had previously said Barsky would assume the role as head of TNK-BP as of Jan. 1, 2010.

Vekselberg, one of TNK-BP’s co-owners, will remain on the company’s board.

Writing by Jessica Bachman; Editing by Alfred Kueppers

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