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TNK-BP sells assets to RussNeft

MOSCOW, December 21 (RIA Novosti) - Russian-British petroleum giant TNK-BP said Wednesday it had closed a deal with RussNeft to sell four of its assets, including oil refineries.

RussNeft CEO Mikhail Gutseriyev said the purchase of refineries from TNK-BP would consolidate his company's portfolio and allow its vertical integration to cover the full production cycle.

RussNeft ranks among the country's top ten oil and gas companies. Its recoverable reserves top 630 million metric tons, and its annual output currently stands at 17 million tons.

TNK BP, a joint venture set up in September 2003, is Russia's second largest oil and gas producer.

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