04 June 2004 01:50
ChevronTexaco withdraws from venture with TNK-BP
MOSCOW. June 4 (Interfax) - The company Texaco Overseas Holdings Inc, which belongs to ChevronTexaco, has decided to
sell its 50% stake in the joint venture with TNK-BP - TNK-Texaco.
ChevronTexaco and TNK-BP said in a joint press release that this should be agreed with the corresponding state
bodies.
The sides expect that the deal to sell the stake will be completed in the coming six months. Throughout this period
TNK-Texaco will continue to sell oil under the TNK and Texaco trademarks in Russia, Belarus and Ukraine, the press
release said.
ChevronTexaco and TNK-BP are interested in developing the market to sell their lubricants in Russia, Belarus and
Ukraine. After completion of the deal to sell the stake, both companies will sell their products in these three
countries separately.
"Our joint company achieved major successes in launching oil under the TNK trademark on the market and in
promoting ChevronTexaco lubricants under the trademarks Navoline and Ursa in Russia and Ukraine," TNK-Texaco
General Director Tony Roach said.
He said that the decision to dissolve the joint venture is a legitimate consequence of the deal to set up TNK-BP. He
said that now TNK- BP and ChevronTexaco could develop their oil production and sales businesses separately.
TNK-Texaco was set up in 1999 to sell a range of motor and industrial oils in Russia, Belarus and Ukraine. The
venture sold products imported from Western Europe under the Texaco trademark, in addition to TNK products produced at
Ryazan Oil Refinery. [RU ASIA EUROPE EEU EMRG CORA ENR] rd RTS$#&:
[Interfax] |
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