President of Ukraine Met with TNK-BP Executives

In the wake of the 10th anniversary of TNK-BP in Ukraine, company executives briefed the President on the results of TNK-BP’s work in the country and plans going forward.
“TNK-BP is an example of successful investment in Ukraine”, said Viktor Yanukovich. The President noted that the country’s authorities are committed to creating a favorable climate to attract foreign investment in Ukraine’s economy.   
German Khan informed the President that TNK-BP invested close to $1bn in the development of its Ukrainian business over the past ten years. “We are marking an important date for our company. TNK came to Ukraine ten years ago. We have since managed to turn the Lisichansk Refinery into the industry leader, ensuring capacity utilization and delivering major upgrades to the plant. We created a well—developed retail network that operates in most of Ukraine’s regions. TNK-BP currently provides 5,000 jobs in Ukraine and is one of the biggest taxpayers in the country. The total amount of taxes and duties contributed to Ukraine’s budget reached $3.5bn in the last five years alone. Within the next five years TNK-BP plans to invest close to $800 million in its Ukrainian enterprises, including $140 million during this year”, noted German Khan.
The company’s operations in Ukraine began in 2000, when TNK acquired a stake in the Lisichansk Refinery. The new investor managed to improve the refinery’s operations, ensuring capacity utilization and implementing a large-scale refinery modernization program. Six new units were commissioned, enabling production of high octane fuels, jet fuel and bitumen, including an isomerization unit. A major environmental project (wastewater treatment plant) and a major energy efficiency project (short-cycle adsorption plant) were constructed. The program also included an upgrade of the elemental sulfur production unit. The Lisichansk Refinery is currently capable of processing more than 7 million tons of crude feedstock per annum.