Companies@UA: База компаний Украины

Moscow. July 28 (Interfax) - TNK-BP has over $600 million in financial reserves, TNK-BP CFO Jonathan Muir said during a conference call on Tuesday.

The reserves were created to provide liquidity at any moment, he said. The company also maintains relations with key partners in the banking sphere in both Russia and abroad, he said. TNK-BP maintains a steady cash flow so that it always has the opportunity to move forward, he said.

The company has managed to remain stable thanks to a number of measures it carried out in late 2008 and in the first quarter of 2009, he said. Such measures include the application of new technologies, specifically during work at advanced fields in Western Siberia and the Orenburg region, in addition to three new projects - Verkhnechonsk, Uvat and Kamennoye. All three projects were brought on stream ahead of schedule, but within the planned budget, he said.

TNK-BP has also altered its expenditure plans due to the crisis. In particular, the company reviewed contracts with almost all of its contractors at the end of last year, while expenses at its head office in Moscow were cut by 25%. These actions, along with macroeconomic factors, helped the company remain stable, Muir said.