Russian-British joint venture TNK-BP will allocate over $1 billion in associated petroleum gas (APG) utilization projects in the Orenburg region in the Urals, the company said in a statement on Friday.
The company implements four projects in the region in terms of the program to increase the value-added use of the APG to 95 percent from the current 83 percent in 2014. Two projects will be completed in the second half of 2012.
“The projects will help bring our APG utilization figure to 95 percent with the total regional gas production of nearly three billion cubic meters. We have already invested about $500 million in this program,” TNK-BP Gas and Power Projects Program Director in Southeast Area Division Pavel Strunilin was quoted in the statement as saying.