KIEV, Jan. 31 - The board of directors of TNK-BP has approved the shutdown in January-March 2011 of the Lysychansk Oil Refinery (Linik) in Ukraine's Luhansk region, but says it will refrain from doing so if Ukraine tackles the problems afflicting the industry, a source in the presidential administration told Interfax.

The company has already notified President Viktor Yanukovych about Linik's critical financial situation and the fact it might be shut down owing to mounting losses.