TNK-BP May Set Up Power-Generation JV

Russian-British joint venture TNK-BP is considering setting up a joint venture with an investor or partner to develop its power generation assets, the firm said in a statement on Wednesday.

TNK-BP is going to hold a special conference for investors and possible partners on July 11 where the company will present its program to develop power generation assets.

“TNK-BP is ready to give up to 75 percent to a future joint venture and guarantee yield on long-term contracts on gas supplies and electricity sales. The company itself will be a core consumer of generated electricity. TNK-BP also does not rule out adding to the current electricity power plants in the venture,” the company said.

TNK-BP’s own power generation assets are a key long-term company priority. TNK-BP will invest from $1.2 billion to $3 billion to 2020 to build 550 MW to 1,800 MW electricity power stations, and attracting partners is seen as a key step to reducing costs for these projects.


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