TNK-BP Holding Completes the Consolidation of Russian Retail Assets

abarrelfullabarrelfull wrote on 28 Sep 2010 09:22
Tags: downstream tnk-bp

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TNK-BP announces that all of its Russian retail assets have been consolidated within the TNK-BP Holding group of companies.

In a transaction between a subsidiary of TNK-BP Holding and STBP Holdings Ltd., the TNK-BP Holding group has consolidated retail business of STBP Holdings Ltd. within Moscow city limits and the Moscow region. The transaction was valued at approximately USD 1.1 bn by an independent appraiser, S&G Partners. With the deal closed, TNK-BP Holding owns 733 retail sites across Russia under BP and TNK brands.

“Complete consolidation of Russian retail assets within a Russian company makes for a crucial step in the implementation of TNK-BP’s strategy for greater transparency and efficiency of its business; moreover, it is a key prerequisite for its ongoing successful development”, — says Jonathan Muir, Chief Financial Officer, TNK-BP.

TNK-BP Holding Completes the Consolidation of Russian Retail Assets

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