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. Last Updated: 07/27/2016

Tyumen Directors Eye Kazakh Oil

Major Tyumen Oil Co. shareholder Access Industries/Renova plans to expand its oil activities beyond its Russian assets into Kazakhstan, Renova general director Viktor Vekselberg said Tuesday.

Meanwhile, Tyumen Oil Co., or TNK, has agreed to participate in the construction of a 250-kilometer stretch of the Baku-Novorossiisk oil pipeline, which will bypass Chechnya.

Apart from Azeri oil, the $200 million line will allow crude to be transported from Turkmenistan and Kazakhstan production projects via the port of Makhachkala on the Caspian Sea, which may be where TNK's interest lies.

A member of Alfa Group's board of directors and Vekselberg have recently left TNK's top management team, but they have kept their seats on the TNK board. Renova and Alfa Group have an equal stake in Novy Holding, which holds 40 percent of TNK. Novy Holding also fully controls Novy Petroleum, which has a 10.1 percent stake in TNK.