Tyumen Oil Welcomes Korea's Entry Into Natural Gas

    Exploration Project in Siberia's Kovytka Gas Condensate Field  
  MOSCOW, Nov. 6 /PRNewswire/ -- Tyumen Oil Co., one of Russia's top four 
oil companies, today expressed support for Korea Gas Company's decision to 
join in developing the Kovykta field in Eastern Siberia.  Tyumen Oil hailed 
the move as further recognition of the field's huge potential.  
Tyumen Oil has two licenses for two blocks, Khanda and Yuzhno-Ust-Kut, in 
the administrative region of Irkutsk, not far from the China border.  
The two fields are directly adjacent to the giant Kovykta field being 
developed by RUSIA Petroleum, owned by a number of Russian and foreign 
companies including BP Amoco, a recognized gas industry leader.  Tyumen Oil 
holds a six percent stake in RUSIA Petroleum.  The license granted to South 
Korea' state-run Korea Gas Corp (KOGAS) is for a nearby field.  
"Development of Kovytka is one of the biggest export projects in eastern 
Russia," said Simon Kukes, president and CEO of Tyumen Oil.  "The project will 
go a long way toward integrating Russia's natural resources into the energy 
system of the Asia-Pacific region.  To achieve that, we have established 
constructive ties with government officials and companies in the region and 
hope to begin an effective dialogue with Korea Gas, as well."  
Kukes noted that BP Amoco also recognizes the region's potential and is 
participating in projects in the area, estimated to contain about 1.4 trillion 
cubic meters of natural gas.  
  Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and 
US-Russian Access/Renova, has crude oil reserves of more than 7.4 million 
barrels and refines more than 500,000 barrels per day.  It ranks No. 2 in 
reserves and No. 4 in production among Russian oil companies.  Tyumen Oil owns 
and franchises a chain of nearly 700 branded retail gasoline stations. For 
further information, go to http://www.tnk.ru . 
  

SOURCE  Tyumen Oil Co.  
-0-                             11/06/2000  
/CONTACT:  Alexander Chernov, of Tyumen, +7095-745-78-46, or Rory 
Davenport, for Tyumen, 202-828-8852/  
/Web site:  http://www.tnk.ru /  
CO:  Tyumen Oil Co. 
ST:  Russia 
IN:  OIL 
SU:  
  
-0- Nov/06/2000 16:19 GMT
 
 
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