MOSCOW, December 9 (RIA Novosti) - TNK-BP, Russia's third largest oil producer, intends to cut investment by $0.5-1 billion to $3-3.5 billion in 2009 due to the global financial crisis, a business paper reported on Tuesday.
"The company is now considering an investment program in the amount of $3-3.5 billion. Capital expenditure has been calculated proceeding from the current tax situation and oil prices," the Russian-British joint venture told Kommersant.
TNK-BP's investment program for 2008 stipulates $4.4 billion in capital expenditure.
The company's shareholders are set to endorse the joint venture's investment program for next year on Thursday, Kommersant said.
TNK-BP, which is split 50-50 between BP and the Alfa Access Renova (AAR) consortium of four Russian billionaire shareholders, produced over 78 million metric tons (572 million barrels) of crude oil in 2007.
