TNK-BP, Ashland Sign 5-Year Deal On Motor Oil Distribution In Russia
April 18 2012 - 5:26AM
Dow Jones News
TNK-BP and US chemical company Ashland Inc. (ASH) signed a
five-year agreement under which the Russian company will distribute
Ashland's Valvoline motor oil to the passenger car market in
Russia.
The companies didn't disclose the financial terms of the
agreement.
"With access to 15,000 retail stores across Russia, TNK-BP
offers unparalleled opportunities to introduce Russia drivers to
the trusted Valvoline brand and our premium products," said Sam
Mitchell, president of Ashland Consumer Markets, Wednesday. He
added that Russia is the largest European market for passenger car
lubricants, which is growing year on year.
Valvoline will be able to achieve significant volume growth in
Russia, Mitchell said.
TNK-BP's executive vice president for downstream, Alfredo
Barrios, called the signing of the contract "the beginning of a
productive relationship between our companies."
-Alexander Kolyandr, Dow Jones Newswires; 7-495-232-9192;
ira.iosebashvili@dowjones.com (Ira Iosebashvili contributed to this
report)
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