Company news in June 2004 | |||
TNK & TEXACO LUBRICANTS JOINT VENTURE ANNOUNCES SHARE SALE AGREEMENT
TEXACO AND TNK LUBRICANTS BRANDS TO BE MARKETED SEPARATELY IN RUSSIA, UKRAINE AND BELARUS
MOSCOW, June 4, 2004 – Texaco Overseas Holdings Inc, a ChevronTexaco company, has agreed to sell its 50% share in the TNK & Texaco Lubricants Company joint venture to the TNK-BP group, subject to regulatory approvals.
It is expected that the share sale will be completed within the next six months, during which time the TNK & Texaco Lubricants Company will continue to market and distribute both Texaco and TNK-branded lubricants products across Russia, Ukraine and Belarus.
Both ChevronTexaco and TNK-BP remain committed to developing the lubricants presence of their respective marketing companies in Russia, Ukraine and Belarus and, following the conclusion of the share sale agreement, will distribute and market their products separately in the three countries.
Tony Roche, General Director, TNK & Texaco Lubricants Company, commented, “The joint venture was highly successful in launching TNK-branded lubricants and building the profile of ChevronTexaco lubricant brands Havoline and Ursa, in Russia and Ukraine. However the decision to dissolve the joint venture was a likely consequence of the TNK-BP partnership, leaving both TNK-BP and ChevronTexaco free to develop their lubricants interests separately.”
Editor’s notes:
TNK & Texaco Lubricants Company was a joint venture (JV) created in 1999 to sell a full range of automotive and industrial lubricants in Russia, Ukraine and Belarus. The JV was created to market Texaco-branded premium products imported from Western Europe and also TNK-branded products manufactured at the TNK-owned and operated Ryazan refinery.
Contact:
Alex Yelland, ChevronTexaco, +44 (0) 207 719 4477
Marina Dracheva, TNK-BP, +7 095 363 6580
This news release contains forward-looking statements relating to ChevronTexaco and TNK-BP’s operations that are based on management's current expectations, estimates and projections about the petroleum industry. Words such as "growth," "opportunity," "promising," "projected," "potential," "strategy," and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco or TNK-BP undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: TNK & Texaco Lubricants Joint Venture