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TNK-BP Bags a Long-Term Contract to Supply ESPO Crude to PetroVietnam

TNK-BP TNK-BP announces that it has entered into a long-term contract with state corporation PetroVietnam, to supply of Russian ESPO crude.

The one-year contract calls for delivery volumes to be agreed on a monthly basis.

The long-term contract with PetroVietnam highlights TNK-BP's commitment to the expansion of its international trading in keeping with the company's strategic development plan.

"This long-term contract for oil deliveries to Vietnam marks a key step in securing TNK-BP's footprint in the Asia-Pacific over the long haul. Access to new high-potential markets is important TNK-BP's evolution and transformation into a major international player," notes Maxim Barsky, Deputy Chairman of TNK-BP's Management Board.

Background:

The ESPO oil blend has been supplied via the East Siberia - Pacific Ocean (ESPO) pipeline and loaded for export in the port of Kozmino since January 2010. TNK-BP is supplying oil from the Verkhnechonskoe field (Irkutsk region).

The first consignment of ESPO crude, 100,000 tons, will ship to Vietnam in November.

TNK-BP is Russia's third largest oil company, 50% held by BP and 50% held by the AAR Consortium (Alfa Group, Access Industries, and Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia's production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.586 billion boe as of December 31, 2009.

Published 29/09/2010

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