Feb. 3 (Bloomberg) -- TNK-BP, the Russian oil producer half-owned by BP Plc, may borrow as much as $2 billion this year, Chief Financial Officer Jonathan Muir said.

About $1 billion will be used to refinance existing debt, which the company usually does each year, Muir told reporters today in Moscow. TNK-BP, the third-largest oil producer in Russia, plans capital expenditures of about $5 billion this year, he said.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net