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$11 Mln as a Result of Reducing Refinery Losses in 2012

Source: www.gulfoilandgas.com 6/13/2012, Location: Asia

TNK-BP reports that a positive effect of $11 mln is expected as a result of the long-term program for loss reduction at the Company’s refining assets in 2012.

The Company has been consistently implementing projects aimed at enhancing refineries operational excellence along three key directions: reduction of irrecoverable losses and own fuel consumption, mitigation of mass balance misstatement risks, and automation of refinery shipment processes. In particular, certain activities are scheduled for 2012 to adjust furnace burning modes, enhance heat-exchange efficiency at the units, identify hydrocarbon leaks by means of dedicated equipment, etc.

“The issue of irrecoverable losses is relevant for both Russian and international oil companies. In TNK-BP refineries, such losses amount to about 1.2% of the overall incoming feedstock volume, which is deemed as good performance among Russian oil companies. Our task is to reduce losses down to the level of best global companies, which is 0.5%”, Mikhail Davydov, Senior Vice President, Refining, was quoted as saying.

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