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TNK-BP to invest up to $1 bln in northwest Siberian deposits by 2012 -1

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TYUMEN, June 29 (RIA Novosti) - TNK-BP [RTS: TNBP] plans to invest up to $1 bln to develop deposits in the Yamalo-Nenets Autonomous Area in northwest Siberia by 2012, the local administration said Thursday.

The Yamalo-Nenets governor's press service said the Russian-British joint oil venture had discussed their investment plans at a meeting earlier in the day with the region's deputy governor and economics department director, Alexander Kimom, at its administrative center, Salekhard.

"During the meeting, the specifics of developing the Russkoye deposit in the region were discussed... TNK-BP has held a license to produce heavy crude from the Russkoye deposit since 2002. The prospected and proven reserves at the deposit total around 410 million tons [3 billion barrels]," the press service said.

The company said that developing deposits in the region could serve as a platform for expanding operations to East Siberia, the press service said.

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