Anglo-Russian joint venture TNK-BP's investments in 2012 are to reach $5 billion, Chief Financial Officer Jonathan Muir said Friday at an economic forum in Moscow.

This represents a 16-19% increase on the figure for 2011.

In 2011, the company's investments stood at $4.2 billion-4.3 billion, Muir said at the Russia Forum 2012.

Of the total figure for 2012, around 80% will be invested in upstream projects, he said, with the rest mostly spent on downstream activities.

In 2012, TNK-BP plans to concentrate on consolidation of the assets acquired last year and does not expect further purchases, Muir said.

Muir said TNK-BP is unlikely to participate in Iraq's upcoming fourth bidding round, but did not exclude the possibility of the company entering the bidding as part of a consortium.