TNK-BP finds it difficult to do business in Ukraine, company CFO Jonathan Muir said at a Tuesday press conference in Moscow.
In the current market conditions, Muir said, Ukraine's regulatory and legal framework creates complications to conducting business in the country.
A reassessment of the value of TNK-BP's Ukrainian assets led to a write-off of $127 million of the value of the company's non-material assets in January-September, Muir said.
A company presentation points out TNK-BP's negative $18 million EBITDA associated with regulatory shortcomings.
TNK-BP is considering various options for doing business in Ukraine, and would like to stay in the country because it has good assets there, Muir said. The company hopes to come up with a business model that will make remaining possible, he said.
