TNK Tyumen Oil Company Raises Oil Production by 9%

The Tyumen Oil Company (TNK) increased oil extraction in 2002 by 9% over the previous year. The total volume of oil extracted in 2002 was 37.9 million tonnes. According to the company's press office, the increase in extraction was achieved thanks to wider implementation of the technique of hydroblasting rock layers, and optimizing the use of existing wells.

Capital investment in extraction capacity was 10.6 billion roubles (USD 333.3 million) in 2002, compared with 17.6 billion roubles (USD 553.5 million) the year before. In 2002 TNK exported 17.2 million tonnes of crude oil (46% of the total volume extracted), compared with 16.6 million tonnes in 2001. Exports of refined oil products totaled 6.6 million tonnes, which was an increase of 15% on 2001. In 2002 the company's oil refineries processed 21.3 million tonnes of oil. By the end of 2002, the number of filling stations bearing the TNK logo in Russia and Ukraine had reached 1,920.

The Tyumen Oil Company specialises in extracting and refining oil and gas, and selling crude oil, refined oil products, and gas. It is one of Russia's top ten oil companies and one of the largest in the world. TNK has oil reserves of 2.7 billion tonnes. Its market capitalization is over USD 4 billion. 99.9% of the company's shares belong to a consortium forming part of Alfa-Group and the Acsess/Renova company.

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