OREANDA-NEWS.  October 09, 2012. At two constructive meetings held TNK-BP’s Board of Directors progressed a number of important ventures, reported the press-centre of TNK-BP.

The Board approved continued engineering design for the construction of a USD1.2 billion hydro-cracking facility at TNK-BP’s Ryazan refinery, viewed as important to its long-term development. The Board also approved the extension beyond 2020 of an agreement on supply of gas to SIBUR, a leading petrochemical company in Russia and Eastern Europe.

The full-field development of the Rospan gas condensate project, strategically important to the TNK-BP Group, also received Board support, with final approval expected next week.

The Board voted to re-constitute its Compensation and Health, Safety and Environmental committees, and to appoint Mr Evert Henkes to each.

The Board also discussed TNK-BP’s strong current cash position and asked management to review the Group’s cash flow projections and make a recommendation on dividend payout ability. The Board will consider the recommendation and the issue of dividends more broadly over the coming weeks.